Adding a Pay by Bank account-to-account (A2A) payment option to the payment gateway empowers Revolut customers to seamlessly improve their conversion rates and significantly reduce chargeback hustle.
Europe’s largest neobank, Revolut, has added a new payment option, “Pay by Bank,” to its Revolut Gateway service.
This feature lets businesses accept payments directly from a customer’s bank account. Customers authorise payments through their banking app rather than going to third-party websites and services, which makes the process fast, secure, and convenient.
For businesses, Pay by Bank reduces the risk of fraud and chargebacks because every transaction requires approval from the customer’s bank. Funds are received in real-time, which can improve cash flow.
The method is already widely used in the UK, where monthly Pay by Bank transactions grew from 15 million to 27 million within a year. Around 14 million people in the UK now use it monthly, showing it is becoming a common alternative to card payments. In a wider European area, where A2A payment systems may operate under different names but perform the same functions, direct account-to-account payments make up 17% of the total domestic e-commerce transaction value.
Revolut serves over 60 million personal customers and hundreds of thousands of businesses worldwide. With this launch, it aims to give businesses another option to meet changing payment preferences.
Pay by Bank is now available for merchants using the Revolut Gateway in the UK and several European countries, including Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, and more.
Earlier this month, Revolut revealed its strategic plan to deploy Google Cloud’s expansive infrastructure across all segments of its operations, starting from back-end systems to the user-facing app, making a multi-million dollar deal with the tech giant.
