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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
No
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
