Amazon launched a "Pay by Bank" feature for customers in the United Kingdom. The service enables direct payments from bank accounts. Users authorize transactions through their banking apps. This initiative moves open banking into mainstream retail.
Amazon plans to expand the service to recurring payments for Prime memberships. The company aims to establish the method alongside credit and debit cards. This strategy may reduce long-term payment processing fees.
Amazon’s A-to-Z Guarantee protects all Pay by Bank purchases.