The UK payments industry is at a pivotal moment. With the rollout of open banking, a new era of pay by bank transactions is taking shape. This innovation allows customers to make secure, direct payments from their bank accounts to businesses — instantly, seamlessly, and at a fraction of the cost of traditional card processing.

This model is not new globally. Across Asia, it has already transformed how businesses and consumers transact. In Hong Kong, the Faster Payment System (FPS) has become the default for SMEs, offering instant low-fee payments through simple QR codes. In China, Alipay and WeChat Pay now account for the vast majority of retail payments, from street food vendors to luxury retailers. Singapore’s PayNow, Thailand’s PromptPay, and India’s Unified Payments Interface (UPI) have further demonstrated how account-to-account payments can scale across industries and geographies. These systems have proven that instant, direct payments reduce costs, improve cash flow, and deliver a better experience for customers and merchants alike.

For the UK, the implications are significant. Businesses across sectors — from second-hand car dealerships and driving instructors to law firms, jewellers, and professional services — stand to benefit. High transaction fees, delayed settlements, and complex payment infrastructures have long been pain points. Pay by bank offers a solution by lowering fees by up to 70 percent, enabling real-time settlements that boost liquidity, and simplifying the payment experience for both clients and businesses.

This seminar will explore the global lessons from Asia’s proven models and translate them into the UK context. Participants will gain insights into how pay by bank works, the opportunities it presents for reducing costs and increasing efficiency, and the challenges that come with adoption and regulation. Ultimately, the session will demonstrate how this payments revolution can reshape business models, improve profitability, and drive a more modern, customer-centric economy in the UK.