Have you heard of Pay by Bank? This realtime service from Mastercard for UK banking customers allows you to make payments directly from your bank account on your phone or desktop. No need to key in payment card details or account numbers. No need for passwords. No hassle.
You don’t even need to download a new app, it’s automatically available via participating mobile bank apps and online banking services. Launched earlier this year, you might have already seen the ‘Pay by Bank app’ option at an online checkout and wondered what it means. Or perhaps you’re already using it?
Pay by Bank is an exciting development and we think it’s something our customers will want to use. It’s safe and secure, gives you better control over your money and, as well as making realtime payments, it also gives you instant payouts.
That’s why we’re one of the first eWallet provider to integrate Pay by Bank with our payment app. You can now top up your MuchBetter account using Pay by Bank in just a few seconds. There’s no need to key in your credit or debit card number on your mobile or log in to a separate app. And, if you receive payments to your MuchBetter account, you can instantly transfer them to your bank account.
Simply choose the Pay by Bank app instead of the usual debit or credit card option. Login with your fingerprint on your mobile to generate a one-time code from your bank, making this payment option fast and secure.
Unlike credit and debit cards you can see your account balance before you confirm the payment, giving you much better control over your money. The payment is processed in realtime too, so your balance is immediately updated and next time you use the app it reflects previous transactions, even if you only used it a few minutes before.
This is a free service for MuchBetter customers, there are no transaction fees, it’s just a better way of managing your money and making online transactions.
Currently, Pay by Bank is available within the MuchBetter app for HSBC and Barclays Ping It customers, however we will be extending this service to include other UK based banks throughout 2020. If you bank with HSBC or Barclays, why not try it out today when you top up your MuchBetter account? All you have to do is click the ‘Pay by Bank app’ option when you top up.