Online Shoppers Warned About New Payment Method

Online shoppers have been increasingly provided the option to pay directly from their bank accounts instead of having to put in all of their credit or debit card information. While this might be convenient for some shoppers and offer some perks, it also carries some significant risks.
These new "pay by bank" options have some perks for customers, allowing refunds to be processed instantly and allowing the transacrion to proceed without card details being shared. It also has some perks for businesses, allowing them to bypass card transaction fees and receive customer funds immediately.
While this might be alluring to consumers and businesses alike, there are some security concerns.
While the "pay by bank" options are increasingly common, Which? money editor Jenny Ross issued a pretty major warning for consumers, pointing out that these sort of payments lacks the Section 75 and chargeback protections associated with other payment methods.
Section 75 of the Consumer Credit Act can hold credit card companies liable for faulty or unfulfilled purchases. This allows shoppers to potentially file chargebacks with their credit card provider and receive refunds even if the retailer fails to reimburse them. These same protections don't exist for "pay by bank" options.
'Innovations like pay by bank present opportunities for businesses and consumers alike, but they're not without risk, particularly as they lack the rigorous purchase protections you get when paying by card," Ross said via The Independent.
'We're calling on the regulator to act to ensure consumers can use pay by bank with confidence, but in the meantime, we'd urge consumers to think carefully before using it to book events or make substantial purchases – for now, your good old-fashioned credit or debit card may be the best option.'
Obviously, this is an important thing for customers to consider before using the "pay by bank" option for their online shopping.
Online Shoppers Warned About New Payment Method first appeared on Men's Journal on Jun 13, 2025

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