Revolut has added a ‘Pay by Bank’ option to its Payment Gateway. Open banking topic will be analyzed at Banking 4.0.
Revolut is preparing for the next generation of merchant payments with the launch of a Pay by Bank option, avoiding card networks and sucking payments directly from consumer bank accounts. The feature will initially be available in the UK, Austria, Belgium, Croatia, Finland, France, Greece, Germany, Ireland, Italy, Lithuania, The Netherlands, Portugal and Spain, with more markets to follow.
Revolut, the global fintech with over 60 million customers globally, and hundreds of thousands of business customers, has today announced the launch of Pay by Bank as an option on the Revolut Gateway. „This new feature enables businesses to accept fast and secure payments directly from a customer’s bank account, providing a seamless experience for consumers and significant benefits for merchants.” – according to the press release.
The launch comes as ‘Pay by Bank’, also known as Open Banking, has surged in popularity in the UK, growing from 15 million to 27 million monthly transactions in just one year.* With approximately 14 million people now using Pay by Bank each month, this payment method is becoming a mainstream alternative to cards.** Further to this, Juniper Research has found that total Open Banking users globally will reach over 645 million in 2029, from 183 million in 2025.***
Pay by Bank payments offer a more secure solution for merchants. Because transactions require direct customer authorisation from their chosen banking app, the risk of fraud and chargebacks is drastically reduced. This ensures funds are received in real-time, improving cash flow and customer satisfaction.
„For customers, the process is quick and convenient. They can pay directly from their bank account without the need to manually enter card details. Mobile users are simply directed to their app for authorisation, while desktop users can authorise payments by scanning a QR code.” – the company explained.
By adding Pay by Bank to its payment gateway, Revolut is giving businesses another powerful tool to meet evolving consumer demands and improve conversion rates. The move reinforces Revolut’s commitment to providing a comprehensive and innovative suite of tools for businesses of all sizes, from startups to large enterprises.
„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 gives them exactly that. We’re empowering businesses to accept the next generation of payments, while offering their customers a secure and convenient payment experience. This can be a game-changer for everyone using our Revolut Gateway.”
Merchants can begin offering this payment option to customers immediately. For more information, visit the Revolut Business website and reach out to account managers.
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Revolut Business Terms and Conditions apply.
* The TrueLayer Pay by Bank Update, 2025
**Open Banking API Performance Data, June 2025
*** Open Banking User Numbers to Surge, Juniper Research, 2025
