VocaLink's Pay By Bank app


We have just seen Barclaycard sign up to VocaLink’s Pay By Bank app. Have Monzo looked at joining once the current account launches?

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(Alex Sherwood) #2

For anyone wondering what this is about, it looks like the main benefits of this service for the user, according to Vocalink’s website, are not having to enter your card details or share them with the merchant at the checkout, on websites.

So it would be interesting to hear the Monzo team’s thoughts on whether this solution is likely to be integrated into merchant’s websites & whether users will want it, especially as this seems to be solving very similar problems to the problems Apple / Android Pay address, for the user at least.

Setting up the Apple / Android Pay functionality would appear to be killing two birds with one stone because they enable in store payments too, whereas Pay By Bank (PBB) only helps with online transactions.
On the other hand, PBB works for both iOS & Android users so it might be be quicker to roll out for all Monzo users :thinking:

(Stephen Early) #3

I believe they are hoping to roll this out for in-store payments as well, in the future. I saw a demonstration of one of their prototypes a few years ago: the POS system would display or print out five letters that you would have to enter into your bank app to enable it to find the transaction. This could also be done via QR code, etc.

(Marta) #4

If I understood their ‘how it works’, it requires merchant to integrate to Pay by Bank App in order to work.
I haven’t seen this anywhere online, but I guess it’s early for them. I highly doubt Amazon or ebay would integrate with them… I don’t see any signs this thing would become widely used and ruling the word (not with apple pay, android pay and paypal touch thing).
Paying with paypal seems just as simple as this app, why would anyone risk something new?

In other words, why would Monzo integrate with stuff that might not be popular? That being said, there must be a reason why Barclays went for it, but I see no incentive really. Barclays is big enough so it might not be a risk for them and they can experiment more?
Monzo crowd definitely screams for android/apple pay. :wink:


I can see why Barclays and other banks like it, they would rather the transaction be done with Barclays etc rather than PayPal! As for the customer, yes, I am happy using PayPal so have no need to change. But we are using PayPal because it was an improvement on previous card payment methods and meant we could pay quicker and keep our card or bank details secure. If this new method is free and is supported by banks I can see it growing a market share, but how much is the question. One sector of society it may particularly appeal to is silver surfers who may feel more reassured dealing with their bank than giving their bank information to third parties such as PayPal.


unfortunately they never posted their thoughts on Pay by Bank