By joining the scheme (which is run by Pay.UK), Tesco Bank customers will use a secure payment process that helps them to transfer money, pay a bill, or make a credit card repayment almost instantaneously, as the press release says.
This follows the launch of Tesco Bank’s Pay by Bank service in September 2020. Both Faster Payments and Pay by Bank are now built into Tesco Clubcard Pay+ - a market that gives shoppers an alternative way to pay, save and pick up Clubcard points. The introduction of Faster Payments means that customers can top up their Tesco Clubcard Pay+ account and see their funds appear straight away.
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