UK Consumer Awareness of ‘Pay by Bank’ Falls Despite Open Banking Boom

“Pay by Bank” allows consumers to pay directly from their bank accounts through Open Banking without entering card details. More than 16.5 million UK consumers are now connected to Open Banking services. For the technology to move beyond back-end infrastructure and into the mainstream, name recognition and trust are equally critical; inconsistent terminology at checkout could otherwise impede adoption.

Fintech company Yaspa released its second Yaspa Index in March 2026. A YouGov survey conducted with Yaspa of 2,157 UK adults found that only 38% were familiar with “Pay by Bank,” down 17 percentage points from 55% in 2025. By contrast, Open Banking payment volumes rose 53% year on year across 2025, underscoring the gap between growing usage and declining awareness.