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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
