Revolut Launches Pay by Bank Option
Revolut is stepping into the next generation of merchant payments with the introduction of a Pay by Bank feature, enabling account-to-account transactions that bypass card networks and draw funds directly from consumer bank accounts.
The rollout comes amid strong momentum for open banking payments in the UK, where monthly account-to-account transactions have grown from 15 million to 27 million over the past year. Around 14 million consumers are now using Pay by Bank each month, underscoring its rise as a mainstream alternative to card payments.
For merchants, Pay by Bank offers a more secure and cost-efficient solution by eliminating interchange fees and reducing fraud and chargeback risks through direct customer authorisation within banking apps. Customers benefit from a frictionless payment flow—mobile users approve payments directly in their app, while desktop users can authenticate by scanning a QR code.
“The payments landscape is evolving, and merchants are looking for solutions that eliminate fraud and increase optionality,” said Alex Codina, GM of Merchant Acquiring at Revolut. “Our new Pay by Bank feature delivers exactly that—empowering businesses with the next generation of payments while giving customers a secure and convenient experience. This can be a real game-changer for users of the Revolut Gateway.”
The feature will debut across 14 markets, including the UK, Austria, Belgium, Croatia, Finland, France, Germany, Greece, Ireland, Italy, Lithuania, the Netherlands, Portugal, and Spain, with further expansion planned.
