Revolut adds Pay by Bank to boost instant payments for merchants

By Vriti Gothi

Revolut has integrated Pay by Bank into its Revolut Gateway to accept instant, bank-to-bank payments, offering customers a seamless checkout experience while delivering merchants strengthened security and faster settlement.

The introduction of Pay by Bank comes at a pivotal moment in the evolution of digital payments. Powered by Open Banking, Pay by Bank has experienced exponential adoption in the UK, rising from 15 million to 27 million monthly transactions in just one year. Around 14 million individuals now use this method every month, confirming its position as a mainstream alternative to traditional card payments. Global growth projections further reinforce its significance, with Juniper Research forecasting that the number of Open Banking users will expand from 183 million in 2025 to more than 645 million by 2029.

For merchants, the benefits of Revolut’s new feature are transformative. By requiring customer authorisation directly through their banking app, transactions become highly secure, substantially reducing the risk of fraud and virtually eliminating chargebacks. Real-time settlement also ensures that funds are received instantly, improving cash flow management and reducing operational pressures.

Customers stand to gain from the convenience of the solution. Payments can be made directly from a bank account without the need to manually enter card details. On mobile devices, users are redirected to their banking app for quick authorisation, while desktop users can finalise transactions by scanning a QR code. This streamlined process reflects Revolut’s commitment to building payment experiences that are both intuitive and trustworthy.

By incorporating Pay by Bank into its Gateway, Revolut underscores its dedication to helping businesses meet the demands of a rapidly changing payments landscape. The addition strengthens Revolut’s position as a partner of choice for enterprises of all sizes, equipping them with the tools to meet consumer expectations, increase conversion rates and expand securely in an increasingly digital marketplace.

“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.”