Hot on the heels of Amazon, eBay has announced the introduction of Pay by Bank as a payment method in the UK.
If there was ever any doubt, this signals that Pay by Bank is no longer an emerging concept, it is now firmly mainstream and rapidly becoming a global payment option
What began as a “made in Europe” alternative to card payments is now a genuine disruptive force. Pay by Bank offers a compelling proposition: faster payments, stronger security, and a simpler user experience, all while challenging the long-standing dominance of traditional payment methods. And adoption is accelerating quickly.
In a recent Token.io survey, 91% of respondents reported strong merchant demand, while Open Banking Limited estimates a £4.4bn opportunity. For UK businesses, the potential is significant. Over the next five years, Pay by Bank could unlock substantial cost savings driven by lower transaction fees and improved automation in reconciliation.