Is this the Moment Pay by Bank Goes Mainstream?
Hey Digital Banking Fanatic!
If you follow me on LinkedIn or read my FinTech Newsletter or Digital Banking newsletter, you know I keep a very close eye on Revolut. Well, today, I get to share something payments-related from them—and it’s a big one: Pay by Bank. 🚀
This new feature lets customers pay directly from their bank app—no card numbers, no friction. Merchants skip interchange fees, fraud risk drops thanks to direct authorisation, and users get a smoother checkout flow (QR codes for desktop, app-redirects for mobile).
With open banking payments in the UK nearly doubling over the past year—27 million monthly transactions and 14 million people now using Pay by Bank—Revolut’s timing couldn’t be better.
Is this the moment Pay by Bank truly goes mainstream?
See you on Monday!
Cheers,
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NEWS
🇵🇪 Peru prepares to welcome its first fully digital bank. The Peruvian financial system could enter a new era with the arrival of the first 100% digital bank. Revolut has submitted its license application to the Superintendency of Banking, Insurance, and Pension Funds. If authorized, it would mark a milestone in the modernization of the local financial market.
🇮🇹 Revolut is "the fifth-largest bank in the country". Revolut has reached 4 million customers in Italy and claims to have become "the fifth largest bank in the country" by customer base. The group, which has a branch in Italy supervised by the Bank of Italy, had 3 million customers last January.
🇬🇧 Revolut introduces Pay by Bank option. Pay by Bank payments offer a more secure solution for merchants and reduce costs by skirting card-based interchange fees. Customers can pay directly from their bank account without the need to manually enter card details.
🇧🇷 Nubank Crypto records a 400% increase in exchanges between digital currencies, and the platform expands its functionalities. This growth reflects the maturity and confidence of Nubank Crypto customers, who use swaps to manage their portfolios more strategically.
🇺🇸 Leading US neobank Current signs contract extension with Stakk. Stakk will continue delivering Current, a solution encompassing its image capture, authentication, and transaction processing capabilities. Continue reading
🇦🇺 ANZ Risk Chief Kevin Corbally Steps Down amid Revamp and stays with the bank. Corbally will become managing director of Capital Management Institutional and report to the firm’s institutional head, Mark Whelan, according to a statement. Read more
🇺🇸 Varo Bank hires Asmau Ahmed as the first AI and Data Chief. Ahmed joins from Google, where, as Senior Director of Product Management, she oversaw a number of initiatives focused on AI and machine learning, covering Google Ads, Search, Gemini, Maps, and Commerce.
🇺🇸 Brex partners with DoorDash for business to deliver DashPass to Brex corporate cardholders. Through this collaboration, employers who offer Brex cards to their teams can now extend DashPass as a built-in seamless way to offer a high-impact perk through a card employees already use for business expenses.
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