Ebay has invested in open banking platform TrueLayer and will introduce the company’s Pay by Bank technology at the checkout.
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With Pay by Bank, eBay’s UK buyers can pay directly from their bank accounts, authorising the transaction through their own bank app, with no cards or manual entry of account details required.
Avritti Khandurie Mittal, vice president of product for eBay Services, says: “Pay by Bank represents an important step in diversifying our payment mix with a secure, real-time way for buyers to pay directly from their bank accounts. Through our partnership with TrueLayer, we’re bringing this innovation to millions of UK customers while continuing to build a more modern, efficient payments experience.”
EBay Ventures has also made a strategic undisclosed investment in TrueLayer.
EBay’s take up of Pay by Bank comes on the heels of e-commerce giant Amazon also introducing the technology, representing a major step in the expansion of account-to-account payments across popular consumer markets.
