Revolut has introduced Pay by Bank, a new payment feature enabling businesses to receive direct payments from customers’ bank accounts.

This service is currently accessible to Revolut Gateway users and will be gradually rolled out in several European countries including the UK, Austria, Belgium, France, Germany, Ireland, Italy, and Spain. Additional markets are anticipated to join soon.

Revolut officials state that Pay by Bank aims to minimize fraud and chargebacks while providing customers with a quicker and more convenient payment experience. Transactions can be authorized through users’ banking apps, allowing funds to transfer instantly and reducing the likelihood of disputes.

Growing Popularity of Open Banking in the UK

Open Banking Payments, which includes Pay by Bank, is gaining momentum in the UK. Statistics indicate that monthly transactions via this method have increased from 15 million a year ago to 27 million currently. Approximately 14 million people in the UK are expected to use this payment option each month. Industry experts predict that global open banking adoption will continue to grow, with user numbers projected to surpass 600 million by the end of the decade.

For customers, Pay by Bank streamlines the payment process by eliminating the need for manual entry of card details. Mobile users can approve payments through their bank’s app, while desktop users can scan a QR code to complete transactions. Revolut officials consider this service part of their broader strategy to offer businesses more options in accepting payments. The feature is initially targeted at European merchants but further expansion plans are underway.