Pay by Bank app enables people to make ‘digital debit’ payments for goods and services via their banking app, with payment made directly from their current account.
HSBC and first direct join Barclays, Bank of Scotland, Halifax, and Lloyds Bank, who have all signed up to deliver Pay by Bank app to their customers.
The app has already the support from six of the UK’s financial institutions, alongside a growing number of retailers and merchant acquirers, who are committed to delivering Pay by Bank app to their customers.
Pay by Bank app provides a way for users to make a purchase online, via their bank app. Transactions take place in near real-time and users can see their account balance before they pay, helping manage their money more easily. The payment is made directly from the bank account and uses secure digital “tokens”, meaning customers never reveal any financial details (including account details) to retailers when shopping. Verification is handled by the bank app.
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