Tesco Bank has introduced a ‘Pay by Bank’ facility enabled by Mastercard’s Open Banking Connect service.
It allows mobile and online credit card customers to make payments directly from their current account via electronic payment services.
Testing and roll-out of the new functionality started in August, with all mobile and online credit card customers expected to have access to this new payment option in the coming weeks.
Tesco Bank is the fourth largest credit card provider in the UK, with a range including purchase cards and balance transfer cards, as well as a foundation card for those who are looking to re-build or improve their credit rating.
Sigga Sigurdardottir, chief customer officer at Tesco Bank, said: “The introduction of Pay by Bank helps 2.6 million of our credit card customers, giving them a simple and secure way of paying their credit card, and greater control of their finances.
“We are particularly pleased to be the first UK bank to make this technology available for credit card customers - we expect this functionality to be widespread in the market in the coming years."
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