Revolut has expanded its payment services with the introduction of Pay by Bank, a feature that allows businesses to accept payments directly from customers’ bank accounts.
The option is available immediately to merchants using the Revolut Gateway and will be rolled out across several European markets, including the UK, Austria, Belgium, France, Germany, Ireland, Italy, and Spain, with additional countries expected to follow.
According to Revolut officials, the feature is designed to reduce fraud and chargebacks while offering customers a faster and more convenient payment method. Transactions are authorised directly through users’ banking apps, enabling funds to move instantly and cutting the risk of disputes.
Rising use of Open Banking in the UK
The move comes as Pay by Bank, also referred to as Open Banking Payments, gains traction in the UK. Figures show the method reached 27 million monthly transactions this year, up from 15 million a year earlier. Around 14 million individuals in the country are estimated to use this payment option each month. Analysts also project that global open banking adoption will continue to rise, with users expected to reach more than 600 million by the end of the decade.
For customers, Pay by Bank removes the need to manually enter card information. Mobile users are directed to their bank’s app for approval, while those on desktop can scan a QR code to complete a payment. Revolut officials described the addition as part of the company’s wider aim to provide businesses with more choice in how they accept payments. The service is initially targeted at merchants in Europe, but further expansion is planned.
