eBay has partnered with TrueLayer to introduce Pay by Bank functionality at checkout for UK buyers, with eBay Ventures making a strategic investment in the payment network provider.
UK buyers can pay directly from their bank accounts, authorising transactions through their bank application. The service requires no card details or manual entry of account information.
Pay by Bank uses bank-grade technology to authenticate payments. Buyers' bank login information is not shared with or stored by eBay. Instead, TrueLayer securely connects the buyer's bank to process the payment. All eligible purchases remain covered by eBay's Money Back Guarantee at no additional fee.
Real-time payment integration extends checkout options
Talking about the move, Francesco Simoneschi, CEO and Co-founder of TrueLayer, stated the partnership brings Pay by Bank into the everyday shopping journey of millions of UK customers. Integrating directly into eBay's checkout enables instant, bank-authenticated payments at scale, allowing merchants to benefit from a faster and more optimal payment experience. This represents another step towards a real-time payments ecosystem aligning with modern consumer expectations.
Adding to this, Avritti Khandurie Mittal, Vice President of Product for eBay Services, stated the company constantly evolves checkout experiences to expand choice and make paying safer, faster, and more seamless. Pay by Bank represents an important step in diversifying the payment mix with a secure, real-time method for buyers to pay directly from bank accounts. The partnership with TrueLayer brings more capabilities to UK customers while building a more modern, efficient payments experience.
eBay buyers can choose from multiple payment options, including major credit and debit cards, BNPL services, and digital wallets, alongside the new Pay by Bank functionality.
Market positioning and strategic investment
TrueLayer operates a Pay by Bank network across Europe, connecting merchants with banking infrastructure for A2A payments. The company provides payment initiation services under the PSD2 framework as an authorised payment institution.
eBay Ventures' strategic investment follows strong momentum for Pay by Bank adoption across Europe as merchants prioritise payment options aligning with evolving consumer preferences. The investment represents both commercial and strategic advancement for TrueLayer.
Pay by Bank services compete with card networks and digital wallets by offering direct bank account payments without card scheme fees. Merchants benefit from lower transaction costs compared to card acceptance, though adoption depends on consumer familiarity and checkout conversion rates.
eBay processes payments across multiple markets through its managed payments platform, which handles transaction processing, seller payouts, and buyer protection programmes.
