Tesco Bank expands and improves payment options for customers
26 October 2021
- Tesco Bank joins the Faster Payments Scheme
- Tesco Bank’s ‘Pay by Bank’ payment option reaches over one million customer transactions since launch in September 2020
Tesco Bank customers can now send and receive payments in real-time, 24 hours a day after becoming a direct member of the Faster Payments Scheme.
By joining the scheme (which is run by Pay.UK), Tesco Bank customers will benefit from a simple, smart, and secure payment process that enables them to transfer money, pay a bill, or make a credit card repayment almost instantaneously.
This follows the launch of Tesco Bank’s new Pay by Bank service in September 2020. Tesco Bank was the first UK bank to introduce this service, enabling over 2.5 million credit card customers to manage their money more easily by paying their credit card balance directly from their current account. Enabled by Mastercard’s Open Banking Connect™ service, Pay by Bank has now handled more than one million transactions, totalling over £400m, since launch.
Both Faster Payments and Pay by Bank are also now built into Tesco Clubcard Pay+ - an innovative first for the UK market that gives shoppers a new way to pay, save and pick up Clubcard points. The introduction of Faster Payments means that customers can top up their Tesco Clubcard Pay+ account and see their funds appear straight away, even while they are in-store doing their shopping.
Tesco Bank has a strong track record in using Open Banking to develop products that meets the needs of Tesco customers, and membership of the Faster Payments Scheme will support and enhance the bank’s future work in this area.
Commenting on what the Faster Payments Scheme means for customers, Chris Henderson, Tesco Bank’s Head of Payments, said:
“Whether it’s topping up Tesco Clubcard Pay +, sending money to a friend, paying a local business or making a payment on your credit card, the real-time speed of the transaction will give Tesco customers greater control over how they manage their money. The opportunities delivered by Open Banking are helping us to innovate and to make banking easier for Tesco customers.”
For media enquiries please contact:
Stuart Taylor, Public Affairs Manager: 07841 192901 / Stuart.Z.Taylor@tescobank.com
Notes to Editors
- Tesco Bank has partnered with Bottomline Technologies, a leading provider of financial technology, to become a Directly Connected Settling Participant of the Faster Payments Scheme, giving the bank a direct, 24/7 connection to the scheme.
- Tesco Clubcard Pay+ is available to Tesco Clubcard members who are resident in the UK and aged 18 or over. Accounts are subject to status. Your Clubcard Pay+ debit card is also your Tesco Clubcard, so you will collect your normal 1 Clubcard point for every £1 spent in Tesco (in store and online) . You will also collect 1 Clubcard point for every £8 spent outside Tesco. Clubcard points are calculated on each purchase transaction and collection rates are subject to change. Exclusions apply and there are some products at Tesco you can’t collect Clubcard points on, see the Tesco Clubcard website for details. The Tesco Clubcard Scheme is administered by Tesco Stores Limited who are responsible for fulfilling Clubcard points.
About Tesco Bank
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Over 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.
Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ