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Pay by Bank (UK)
In the UK, Pay by Bank services have become increasingly popular, with 90% of consumers familiar with the method. It ranks among the top three payment methods, reflecting a significant shift towards direct account-to-account transactions.
Method
Pay by Bank (UK)
LPM Market Share
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
10M
Disbursements
No
No
Chargebacks
$25.00
Authorization currency
GBP
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
High Consumer Awareness: 90% of UK consumers are familiar with Pay by Bank, indicating widespread recognition
Preference for Debit Card Alternatives: With a high volume of debit card transactions, consumers are open to alternative payment methods that offer similar convenience and security
Integration with Open Banking: The UK's advanced open banking infrastructure facilitates seamless Pay by Bank transactions, enhancing user experience
