Clik2pay at The Payments Canada Summit: Pay by Bank Is Taking Off—Here’s What You Need to Know

At the Payments Canada Summit, the “Pay by Bank: Building Momentum in Canada” panel revealed the growing adoption of bank-connected payments. With pay by bank seeing a 328% year-over-year growth, the trend is clear: both businesses and consumers are embracing this payment method as an alternative to traditional options.

Key insights from the panel

1. Canadians Are Embracing pay by bank

Consumers are opting to use pay by bank solutions, such as Interac e-Transfer®, for their speed and ease of use. The method allows for seamless, direct payments from a consumer’s bank account, without the need for credit cards. This shift is helping businesses reduce costs by up to 50%, eliminate chargebacks, and increase customer reach by 40%.

“Pay by bank is revolutionizing how Canadians pay. It’s no longer a future innovation—it’s here, and businesses that adopt it now are already seeing significant benefits.” – Chris Renton, Head of Business Development, Clik2pay

2. Versatility Across Industries

Pay by bank is proving to be a flexible solution that works across multiple sectors—from e-commerce and telecommunications to financial services and non-profits. Businesses of all sizes are integrating pay by bank into their systems, whether for checkout, billing, or collections, benefiting from its scalability and ease of integration.

3. Building Trust Through Experience

Trust is a cornerstone of successful payments. Clear user flows, consistent cross-channel experiences, and frictionless checkouts are essential to maintaining consumer confidence. Offering pay by bank allows businesses to meet these demands and reduce cart abandonment rates.

4. Preparing for the Future of Payments

With open banking and the real-time rail set to reshape the Canadian financial landscape, pay by bank is positioned to thrive. Businesses adopting API-first solutions are preparing for a future where faster, smarter payments will be the norm. Pay by bank is uniquely poised to take advantage of these innovations, ensuring faster and more reliable transactions for both consumers and merchants.

The Global Perspective

The rise of pay by bank is not just a Canadian trend—it’s happening globally. Carlos Netto, Co-founder & CEO at Matera, shared that in markets such as Brazil, both card payments and pay by bank are seeing rapid growth, driven by the desire for more secure, cost-effective payment methods. This momentum is expected to continue as more regions adopt open banking and real-time payments.

As pay by bank continues to grow, it presents new opportunities for financial inclusion, particularly for small to medium-sized businesses that can now offer cost-effective, secure payment options without the burden of high transaction fees. Additionally, the security benefits of pay by bank, where transactions are approved directly through the consumer’s bank app, are driving consumer confidence and adoption.

Looking ahead, pay by bank is set to unlock even more innovative use cases, from wallet funding and insurance disbursements to peer-to-peer transfers and government payments. The future of payments is here, and pay by bank is leading the charge.