#PayTech / Tesco Bank launches Pay by Bank in partnership with Mastercard

Tesco Bank has activated its new Pay by Bank service, allowing credit card customers to make payments directly from their current accounts.

The new service is powered by Mastercard’s Open Banking Connect solution. Tesco claims to be the first UK bank to enable the process for credit card customers.

The UK bank says the new system is “a straightforward way for customers to pay their credit card balance”. Users don’t have to remember account details or find their card to make a payment.

Pay by Bank allows customers to view their current account balance before paying. The balance also updates “instantly”.

https://www.fintechfutures.com/2020/09/tesco-bank-launches-pay-by-bank-in-partnership-with-mastercard/