Banks expect Request-to-Pay to challenge direct debits and payment cards

Wednesday 19 January 2022 14:02 CET | News

UK-based Icon Solutions has released a new survey of global banks, ‘Demistifying Request to Pay: An Industry Perspective’, which shows that Request-to-Pay may challenge established payment methods.

‘Demystifying Request-to-Pay: An Industry Perspective’ surveys over 50 industry stakeholders, including global retail and corporate banks, to understand customer demand, key use-cases and the path to widespread adoption. Interviews were also conducted with senior executives at several leading banks. 

87% of respondents view Request-to-Pay as a good alternative to direct debits and 71% expect it will reduce merchant’s dependency on payment cards. Yet 67% also identify bank readiness as the main barrier impacting adoption of Request-to-Pay services, with the limitations of existing technology and a lack of clear strategy seen as the key inhibiting factors.

Despite early momentum from retail customers for bill payment services, 73% of respondents see most demand for Request-to-Pay services from large corporates. To reflect this increasing demand, respondents are planning to leverage Request-to-Pay to diversify product roadmaps, with invoicing, payments reconciliation, and the digitalisation and integration of processes and systems identified as emerging use-cases.

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Keywords: survey, research, Request to Pay, payment methods, banks
Categories: Payments & Commerce
Countries: World
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Payments & Commerce

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