Plaid Introduces One-Click Payments for a Smoother Pay by Bank Experience

The financial technology firm, Plaid, has introduced one-click payments to enhance the “Pay by Bank” functionality, aiming to improve user trust and increase transaction conversion rates.

This innovation streamlines the Open Banking process for existing users. For those who have already connected their banks during onboarding, the system automatically renews this connection without requiring them to select their bank again, thereby eliminating additional steps that can slow down the payment process.

Removing Friction Points for Europe’s Pay by Bank Users

The updated feature is designed to address points of friction that users might encounter, such as having to reselect their bank each time they make a transaction. By mimicking familiar and trusted payment experiences, Plaid aims to make the login process more intuitive and less time-consuming.

Several user experience (UX) enhancements have been implemented to ensure a smoother journey for returning customers. These include automatic bank selection, refined interface designs, and larger logos that aid in quick recognition of both the bank and merchant brands.

The changes are expected to reduce cognitive effort required from users, thereby boosting trust in the platform and accelerating the overall payment process.

Expanding Plaid’s Offerings Across Europe

The one-click feature is now live across all 18 European markets where Plaid operates. This follows recent introductions of other services such as LendScore, which provides real-time credit scoring based on borrower cash flow data, and Transfer for Platforms, a tool that integrates multiple payment channels with risk assessment tools to support SaaS platform expansions.

For more details about Plaid’s comprehensive offerings, visit their detailed profile in our industry-specific Company Database.