Plaid CEO: Pay-by-bank will almost never succeed for in-person retail purchases
Zach Perret · Zach Perret (Plaid) & Simon Khalaf (Marqeta): New Applications in Fintech · Jun 20, 2024 · at 9:31
Zach Perret is the CEO and co-founder of Plaid. He is discussing the limitations of pay-by-bank and ACH rails compared to card networks for retail payments.
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“No one's gonna walk into a Starbucks and say, I would like to pay for my three dollar coffee with my bank account. That's basically never gonna happen. Or any small merchant for that matter. Frankly, in my opinion, like, very few in-person transactions are ever gonna happen with an ACH payment.”
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