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Event File FINTECH Digital Payments Amazon Open Banking

Amazon and eBay Bring Pay by Bank to UK Shoppers

1 reports · First detected 2026-08-20 · Last active 2026-08-20

Pay by Bank uses the UK’s open-banking infrastructure to move money directly from a customer’s bank account to a merchant, reducing reliance on card networks. The model promises lower transaction costs, faster settlement, stronger security and simpler reconciliation. Adoption by Amazon and eBay is significant because it takes account-to-account payments beyond established uses such as credit-card repayments and account top-ups, putting the method in front of mainstream ecommerce customers.

By Aug. 6, 2026, Amazon and eBay had both announced Pay by Bank as a UK payment option. Open Banking Limited estimates the opportunity at £4.4 billion, including about £331 million in potential savings from online payments. Its data show roughly one in 6,000 open-banking payments was fraudulent in 2025, compared with one in 2,500 across the wider payments industry. Growth is also exposing fragmentation, as competing schemes leave payment service providers managing different technical standards, dispute rules and commercial terms.

All Coverage

1 original reports
FINEXTRA.COM 2026-08-20
Pay by Bank is working. Fragmentation Proves It.

The Backstory

The history behind this event
eBay Launches Pay by Bank in UK, Makes Strategic Investment in TrueLayer2026-02-27 · 1 reports · similarity 0.82

eBay has brought its checkout process in-house in recent years and expanded payment options beyond credit cards, digital wallets and buy now, pay later services. Its partnership with UK fintech company TrueLayer allows buyers to pay directly from their bank accounts, reducing reliance on card networks while offering faster settlement, secure authentication and more payment choices. The move is significant for eBay's millions of UK users.

On February 19, 2026, eBay and TrueLayer announced the launch of Pay by Bank on eBay's UK checkout page. Buyers can select their bank and authorize the transaction in their banking app without entering card numbers or account details. Eligible transactions remain covered by eBay's money-back guarantee. eBay Ventures also made a strategic investment in TrueLayer, though the companies did not disclose the amount or ownership stake.

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