Yaspa, the award-winning fintech specialising in instant payments and identity services, today announces the release of its second annual Yaspa Index. The study reveals a significant disconnect in the UK payments landscape: while open banking-powered payments grew by 53% year-on-year through 2025, consumer familiarity with the specific term ‘Pay by Bank’ has fallen sharply.

The 2026 Index conducted by YouGov and Yaspa, which surveyed 2,157 UK adults, found that only 38% of respondents are familiar with the phrase ‘Pay by Bank,’ compared to 55% in 2025. This decline highlights an industry-wide challenge of fragmented terminology, where terms such as "instant bank transfer," "account-to-account," and "open banking" are used interchangeably, leading to consumer confusion rather than clarity.

Despite increased usage, consumers aren't associating their payment experiences with a single, repeatable term. By contrast, traditional terms like BACS (77%) remain far more recognised due to decades of repetition.

Furthermore, Yaspa’s Index indicates the public’s trust through familiarity. Security and ease of use remain the top priorities for consumers choosing how to pay online. However, unfamiliar language at checkout acts as a barrier, causing users to default to slower, less efficient methods they recognise.

“The 2026 findings are a clear signal that the industry’s lack of alignment on language is holding back the potential of open banking,” said James Neville, CEO at Yaspa.

“Consumers value the speed and security that Pay by Bank offers, but they won't actively choose a method they don't recognise. Standardising a universal consumer-facing term is essential for scaling. By removing the burden on users to differentiate between identical payment methods, we foster the trust necessary for mass-market uptake."

Yaspa continues to drive innovation in this space through its Intelligent Payments platform, which uses AI and real-time open banking data to provide actionable insights for merchants, including affordability checks and fraud detection, without interrupting the player journey.