NatWest has launched a new payments service that participating retailers can use without a debit or credit card.

The new online payments service, called Payit by NatWest, “results in a fast, fair, simple and safe payment experience,” the company said.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Payit uses the Open Banking infrastructure to allow customers of UK banks to pay for products and services offered by retailers who use the service.

It is targeted at mid to large corporate companies

Open Banking was introduced in 2018 by the CMA to allow licensed financial service providers to share customer data. NatWest’s use of the technology means it’s the first major UK bank to utilise open banking to facilitate payments in this way.

In the coming weeks, Payit will also be introducing capability to allow merchants to process refunds.

With customers of the UK’s nine largest banks eligible, consumers don’t need to bank with NatWest to take advantage of the service.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

They can use it by simply selecting the Payit button on the merchant’s payment page and then selecting the bank they wish to pay from.

The consumer is then automatically redirected to their bank’s mobile or online banking to complete the payment.

Paul Thwaite, CEO, Commercial Banking at NatWest said:

“As the largest supporter of UK businesses, we are thrilled to launch Payit by NatWest. It allows mid to larger businesses with an online presence to accept payments directly from their customers’ bank accounts in near real time.

The service provides them with an effortless and safe payment experience.

“We are especially pleased to have used Open Banking technology to achieve this, allowing customers of the UK’s main banks to use this new payment option.

“Payit joins our growing portfolio of digital innovations for businesses, showing NatWest’s commitment to helping them thrive and achieve their potential.”