Amazon Unveils Pay by Bank Service in UK
Amazon has introduced Pay by Bank in the UK, allowing customers to make payments directly from their bank accounts using Open Banking.
The service eliminates the need for customers to enter or store card details, instead establishing a secure connection between Amazon and the customer's existing bank.
This connection is secured through the customer's own banking app, using PIN verification or biometric authentication, which protects their financial information and provides them with direct control over each transaction.
The service is currently available for retail purchases and will soon be rolled out for Prime membership. Amazon claims that Pay by Bank offers customers more efficiency when processing refunds, as funds are returned to customer bank accounts within minutes after the company confirms receipt of returned items.