Navigating PayByBank: Pros, Cons, and Protections

This chapter explores the innovative 'pay by bank' payment method, emphasizing its seamless integration into banking apps and its advantages over traditional transactions. The discussion also highlights regulatory interest in promoting competition in open banking, particularly concerning consumer protections and the risks associated with bank transfer methods. Key protections, such as the Consumer Rights Act and fraud safeguards, are examined to inform consumers about their rights and the implications of choosing bank transfers.