The Asia-Pacific (APAC) region is leading in the adoption of cashless payments, according to the World Payments Report 2025. The widespread use of smartphones and e-commerce growth propelled the shift towards non-cash transactions. Consequently, there is a demand for more efficient and more secure payment methods. Pay by bank solutions are increasingly transforming payments as businesses and customers in the region continually look for a more frictionless experience.
Pay by bank is now the more popular term for account-to-account (A2A) payments. It’s a payment method that allows consumers to pay for goods and services straight from their bank account instead of using a debit or credit card. Money may be sent to a business, another customer, or between a consumer’s own accounts. Recurring payment for utility or subscription bills is the most popular example of A2A payments.
Pay by bank is nothing new. It has been around for a long time, 50-plus years in some countries. In Asia, the COVID-19 pandemic, the development of real-time payment systems, and government initiatives are major factors in the renewed interest and usage of A2A payments.
Open banking plays a crucial role in facilitating pay by bank payments by leveraging technology to streamline transactions directly between bank accounts. It allows third-party providers to access bank data securely through APIs. Through open banking, A2A payments are becoming a convenient option for consumers and businesses.
PayNow
PayNow is a pioneering A2A payment solution that enables users in Singapore to transfer funds between bank accounts using their mobile numbers, national identification numbers (NRIC/FIN), or virtual payment addresses (VPA). It leverages the Fast and Secure Transfers (FAST) system to facilitate real-time interbank transfers.
Key features:
PayNow enhances user convenience and fosters financial inclusion by simplifying the payment process. Its integration with other regional systems boosts trade and commerce across borders.
PromptPay
PromptPay was launched by the Bank of Thailand as part of its national e-payment initiative. Users can make instant payments using their mobile phone, citizen ID, or bank account numbers.
Key features:
PromptPay’s focus on affordability and ease of use makes it a popular choice among Thai consumers. Its integration with government services further solidifies its role in promoting digital payments nationwide.
Unified Payments Interface (UPI)
The National Payments Corporation of India developed and launched UPI in 2016. It enables users to link multiple bank accounts to a single mobile application for seamless money transfers.
Key features:
UPI’s user-friendly interface and robust features have made it one of the most widely adopted payment systems in India, facilitating over a billion transactions monthly. Its versatility caters to individual users and businesses.
Brankas
Brankas offers a convenient way to make direct bank transfers through its robust API. With solutions, such as Brankas Disburse, businesses can streamline disbursement operations, simplifying and accelerating payment processes by integrating with various banking systems and networks across APAC.
Key features:
Brankas, PayNow, PromptPay, and UPI exemplify how technology is reshaping financial transactions. They cater to the evolving needs of consumers and businesses and drive the future of digital payments.
The road ahead for pay by bank solutions in Asia is positioned for significant growth and transformation. With the rapid advancement of technology and changing consumer preferences, A2A payments are becoming an increasingly viable option for businesses seeking to enhance their payment processes. The shift towards digital payments is not just a trend; it’s a fundamental change in how financial transactions are conducted across the region.
The shift to instant payment systems is particularly important in Asia. Many markets are still grappling with high transaction costs and efficiencies with traditional payment methods. Businesses can streamline their operations, reduce fees, and improve cash flow management by adopting pay by bank solutions.
Embracing A2A payments in business offers a competitive edge in a rapidly evolving market. These solutions provide a secure and cost-effective way to manage transactions, making them an attractive alternative to traditional card-based payments. As more consumers become comfortable with digital banking and mobile wallets, businesses that adopt these technologies will be better positioned to meet customer expectations and drive growth.
Businesses should consider integrating A2A payments into their operations to enhance their payment processes and to stay ahead in an increasingly digital economy. By doing so, they can unlock new opportunities for growth while providing their customers with the seamless payment experiences they demand.
Brankas’ Direct and Disburse can help streamline your operations and enhance customer experiences through seamless A2A payments. Our comprehensive APIs allow you to integrate secure, real-time payment capabilities directly into your applications, making it easier than ever for your customers to transact without intermediaries. Don’t miss out! Contact us today.
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