In Spain, a highly digitalised market with bank account penetration reaching 94.2% and internet penetration standing at 95%, the payment landscape is evolving toward a more efficient and fundamental stage. Beyond digital wallets and card payments, a new payment model centred on direct bank account connectivity is reshaping the transaction experience. More than simply an upgrade to online banking, Pay by Bank represents a practical application of the Open Banking concept.
Pay by Bank allows consumers to complete real-time payments directly from their existing bank accounts, presenting a more advanced method of fund transfer. In Spain, this method has already been adopted by over half (55%) of consumers and is expected to grow to 70% in the coming years. For merchants, this is not just about adding another payment option, but about gaining early access to a payment infrastructure that is becoming mainstream.
Integrating Pay by Bank means deploying a payment solution for your Spanish business that combines reach, efficiency, and trust. It directly reaches nearly all banked consumers in the country and leverages the Open Banking framework to achieve both streamlined payment flows and enhanced security. At checkout, consumers can be redirected to their familiar mobile banking app to complete authorisation, eliminating the need to enter card numbers or personal information. This seamless experience is a powerful driver of higher conversion rates. Furthermore, because it connects directly to the banking system, transactions benefit from lower processing costs than credit cards and inherently avoid chargeback risks, while maintaining security verification standards equivalent to those of bank accounts.
Therefore, in the Spanish market, integrating Pay by Bank is a future-oriented strategy. It enables merchants to establish a direct, secure, and efficient connection between their transaction systems and consumers' primary financial asset—their bank accounts. By integrating Pay by Bank through Antom, your business aligns with the mainstream evolution of payment technology and delivers a superior payment experience for Spanish consumers who prioritise both convenience and security.
The following table lists the product properties supported by Pay by Bank:
|
Payment type |
Online banking |
||
|
Acquirer |
AntomUK |
Merchant entity location |
UK |
|
Payment flow |
Redirect |
Refund |
✔️ |
|
Buyer country/region |
UK |
Partial refund |
✔️ |
|
Processing currency |
GBP |
Chargeback/Dispute |
❌ |
|
Minimum payment amount |
GBP 0.99 |
Refund period |
365 days |
|
Maximum payment amount |
GBP 15,000 |
Time to return payment result |
Real-time |
|
Default timeout |
7 days |
||
Note: The following payment flows on different terminals are for reference only. For supported merchants' terminal types, consult Antom Technical Support.
The following screenshots show the journey of paying with Pay by Bank:
1. The buyer selects Pay by Bank to pay.
2. The buyer selects the bank to pay.
3. The buyer is redirected to the bank app or webpage to check the order information and complete the transaction after bank account verification.
4. The buyer receives the payment result via SMS sent by the bank.
5. The buyer is redirected to the merchant's result page.
Yes, it is a reflection of a structural trend. Built on the regulatory framework of Open Banking, Pay by Bank is a direct response to Spain's highly developed financial infrastructure, where bank account penetration has reached 94.2%, positioning bank accounts themselves as payment endpoints. With current adoption at 55% and a projected increase to 70%, Pay by Bank is rapidly moving from early adoption into the mainstream. For forward-looking merchants, integrating Pay by Bank is a critical step in planning their payment strategy over the next three to five years.
The core of its security mechanism lies in the separation of the payment and authentication processes. While the payment journey begins on the merchant’s checkout page, the critical verification and authorisation steps take place entirely within the consumer's trusted banking environment, typically through their banking app. Authentication is completed using bank-grade security measures such as passwords and biometric verification. This design separates sensitive data verification from the payment transaction, which ensures that banking credentials are never exposed to or stored by merchants. As a result, much of the security and compliance responsibility remains with the banking institution, significantly reducing merchants' operational risk and compliance burden.
By integrating through Antom, the barriers to adoption are significantly reduced. One of the key advantages of Pay by Bank is that it operates on standardised Open Banking infrastructure with unified technical interfaces, eliminating the need for merchants to integrate separately with multiple banks. From a compliance standpoint, the platform handles the core requirements related to Open Banking service providers. Merchants mainly need to ensure that their business complies with requirements related to their place of registration (such as the European Economic Area) and applicable industry regulations. This approach is far more efficient than independently building and maintaining Open Banking connections.
Pay by Bank addresses a distinct consumer preference: users who value direct, low-cost payments while seeking to avoid credit-related risks. It appeals to users who trust banks more than third-party wallets and prefer not to incur potential credit card interest or expose card information. It helps merchants reach customer segments and payment scenarios that may not be fully covered by credit cards or digital wallets, particularly for medium- to high-value transactions. By offering a frictionless payment experience with no hidden costs, Pay by Bank can help improve conversion rates and increase average order value.
Integrate Pay by Bank through Antom today to build a more resilient, future-ready payment edge powered by Open Banking.