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NatWest rolls out cardless online payments service Payit

Monday 29 June 2020 12:13 CET | News

UK-based bank NatWest has used the Open Banking framework to create a new cardless payment service for online shopping. 

 

Called Payit, the service is a bit like PayPal: money comes directly from your bank account rather than via your credit or debit card, and you don't have to be a customer of NatWest to use it to make instant payments to participating shops. 

Customers of the UK's nine biggest banks are all able to use the new service: you just choose Payit at checkout and select your bank. That takes you to your own banking service to complete the payment, which goes out directly from your account. The savings on transaction fees are a big deal for retailers, with NatWest saying a company will save a minimum of 25% on the average GBP 80 transaction compared to processing someone's credit or debit card. 




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Keywords: Natwest, United Kingdom, product launch, PayIt, cardless payments, online payments, online shopping, transaction fee, payments processing
Categories: Payments & Commerce | Online Payments
Countries: United Kingdom
This article is part of category

Payments & Commerce