Global FinTech Revolut has added a ‘Pay by bank’ option to its payment gateway.

The new feature allows customers to pay merchants directly from their bank accounts, completely avoiding the need to enter card details.

The move aims to provide businesses with a tool to facilitate commercial transactions.

Through the new service, funds are received instantly in real time, with the aim of reducing cash flow and improving the customer experience.

Transactions require customer authorisation via their chosen banking app, with the aim of drastically reducing fraud and chargebacks.

The feature will initially be available in the UK, Austria, Belgium, Croatia, Finland, France, Greece, Germany, Ireland, Italy, Lithuania, the Netherlands, Portugal and Spain.

Revolut plans to roll out the service to other markets in the future.

The rollout comes at a time when ‘Pay by Bank’, also known as Open Banking, has seen a surge in popularity in the UK, growing from 15 million to 27 million monthly transactions in just one year according to data by Revolut.

The FinTech indicated that approximately 14 million people are currently completing transactions using Pay by Bank each month, with the system becoming an alternative to card payments.

Revolut also cited data from Juniper Research which predicts that the total number of Open Banking users globally will reach over 645 million in 2029, up from 183 million in 2025.

Alex Codina, general manager of merchant acquisition at Revolut, said that with the payments landscape continuing to evolve, merchants are looking for solutions that eliminate fraud while increasing payment options.

Commenting on the new Pay by Bank feature, Codina said: “We're empowering businesses to accept the next generation of payments, while offering their customers a secure and convenient payment experience.”

On Tuesday, Revolut secured an in-principle approval payments licence from the UAE which will enable the financial services firm to expand in the region.

The in-principle approval for its Stored Value Facilities and Retail Payment Services (Category II) licences were granted by the Central Bank of the UAE (CBUAE).

Revolut said it now plans to launch in the UAE, offering its products to retail customers.

Last week, the firm signed a partnership with Google Cloud to support its rapidly expanding global customer base.

Under the new multi-year, multi-million-pound agreement, Revolut will leverage Google Cloud’s infrastructure and advanced AI tools, including Gemini models, to power its global systems, enhance fraud detection, and deliver more relevant product offerings to customers around the world.

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