3 PAYMENT METHOD SCORECARD: PAY BY BANK (BANK TRANSFER)
FX/Cross-Border Bank transfers are similar to cash in the sense they are tied to the currency in which they are being used. This does not make them a viable option for cross-border transactions. However, SEPA is available in European countries, and wire transfers are possible. Global Usage (POS) Worldpay’s Global Payments Report 2025 does not include account-to-account in the global POS payments mix. Global Usage (Ecommerce) Worldpay’s Global Payments Report 2025 showed account-to-account transactions making up 7% of global ecommerce payments in 2024. Authorization/Pre-Authorization Bank transfers directly are not as likely to have authorization/pre-authorization capabilities; however, a third-party service provider can sometimes allow bank transfers to do so. Recurring Payments Bank transfers allow users to give banks permission to debit their accounts at a later date. They are used often for recurring payments.
User Experience
Metrics
Weight Score
POS Speed
10% 3.0 10% 3.0 15% 3.0 15% 2.5 10% 1.0 10% 1.0
Refund Posting Time
Omnichannel
FX/Cross-Border Global Usage (POS)
Global Usage (Ecommerce)
Authorization & Pre- Authorization Recurring Payments
15% 3.0
15% 4.5
TOTAL SCORE
2.8
POS Speed Bank transfers require account and routing numbers to make a purchase. With one-time transactions, entering in the credentials would slow down the user’s experience either at the terminal or online; however, not all bank transfers require manual entry. Some open banking-enabled transactions require the consumer to log in to their bank account via username/password or biometric authentication. Bank transfers are common for setting up recurring payments which would be faster. Refund Posting Time Bank transfer refunds can take up to five business days. 832 Omnichannel Bank transfers are mostly used in ecommerce environments. However, Germany’s debit routing capability to choose between Girocard or SEPA, is an example of how bank transfer has the potential to easily cross payment channels.
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