Reasons for Popularity

High Consumer Awareness: 90% of UK consumers are familiar with Pay by Bank, indicating widespread recognition

Preference for Debit Card Alternatives: With a high volume of debit card transactions, consumers are open to alternative payment methods that offer similar convenience and security

Integration with Open Banking: The UK's advanced open banking infrastructure facilitates seamless Pay by Bank transactions, enhancing user experience

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United Kingdom

Top e-commerce industries
21.4%
Electronics
20.2%
Hobby & Leisure
21.5%
Fashion
Furniture & Homeware
Care Products
DIY
Grocery
London
Capital
68.5M
Population
+0
Time Zone (GMT)
GBP (£)
Currency
British pound sterling
$724.3B
Transactions
value in 2028
9.0%
CAGR
of Digital Payments
during 2024-2028

Popularity of e-commerce payment methods

Bank Transfer
7%
Buy Now Pay Later
7%
Cash-in
1%
Credit Cards
24%
Debit Cards & Prepaid Cards
23%
E-wallet
38%
Mobile Money
38%
Others
1%

Extend your reach

Payment Method

In the UK, Pay by Bank services have become increasingly popular, with 90% of consumers familiar with the method. It ranks among the top three payment methods, reflecting a significant shift towards direct account-to-account transactions.

Method
Pay by Bank (UK)
LPM Market Share
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
10M
Disbursements
No
No
Chargebacks
$25.00
$25.00
Authorization currency
GBP
Authorization
speed
Instant
Recurring
No
No

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