Wondering if Pay by Bank is safe, secure, and legit in the UK? The short answer is yes—it’s fast becoming one of the most trusted ways to accept payments on Shopify.
Built on secure open banking APIs and fully regulated by the Financial Conduct Authority (FCA), Pay by Bank removes fraud-prone card networks and chargebacks from the equation.
Pay by Bank is FCA-regulated and built on secure UK open banking APIs
Reduces fraud and eliminates chargebacks—more secure than card payments
Customer identity is verified directly by their bank during checkout
Wall ID adds encryption, fraud controls, and full payout visibility
Ideal for Shopify merchants needing secure, real-time payment protection
Why UK Merchants Are Asking: Is Pay by Bank Safe?
With the rise of open banking across ecommerce, more merchants are asking: is Pay by Bank safe? Is open banking legit in the UK? Is Wall ID secure?
These are fair questions—especially for Shopify merchants in regulated industries like CBD, vape, and supplements, where compliance and fraud prevention are critical.
Breaking Down the Technology
Pay by Bank is built on open banking, a UK financial technology standard introduced in 2018 and regulated by the Financial Conduct Authority (FCA). It allows consumers to make payments directly from their bank account—securely and instantly—without cards.
Why it's safer:
No card data involved — eliminates card fraud and skimming
Verified through your bank — every payment uses secure bank login and biometric checks
Encrypted APIs — protected from start to finish
No chargebacks — prevents fraudulent or friendly disputes that hurt merchants
If you’re asking: is Pay by Bank secure, is Pay by Bank legit, or is open banking safe UK—the data proves it is.
How Wall ID Ensures Secure Shopify Pay by Bank Payments
Wall ID is a UK-based open banking provider that enhances Pay by Bank security with Shopify-optimized protections:
FCA-regulated: Fully authorized to process open banking payments in the UK
Real-time fraud detection: Monitors for anomalies or suspicious activity
Bank-level encryption: Data secured at every stage of checkout
Instant payment confirmation: Merchants get real-time updates and control
Full audit trails: Better for finance and accounting teams
Merchants often ask, is Wall ID secure? Yes—Wall ID is designed from the ground up for security and control.
Is Open Banking Safe in the UK?
Yes. Open banking is regulated under UK law and backed by the country’s biggest banks, including:
Barclays
Lloyds
Starling, and more
Security standards include:
Strong customer authentication (SCA)
End-to-end data encryption
Permission-based consent flows
Over 11 million UK users already trust open banking every month.
Still wondering is Pay by Bank safe or is open banking secure? Millions of successful transactions say yes.
Is Pay by Bank Safe Compared to Cards?
Feature
Card Payment (e.g., Stripe/PayPal)
Pay by Bank (via Wall ID)
PCI Compliance
Required
Not required
Chargeback Risk
High
None
Identity Verification
Weak (just card data)
Strong (bank authentication)
Payment Settlement
1–3 days
Instant or same-day
Fraud Risk
Moderate to High
Very Low
Compared to traditional card processors (Stripe, PayPal), Pay by Bank is safer:
Speakable
Pay by Bank is one of the safest ways to accept payments on Shopify in the UK. It uses bank authentication, encrypted open banking APIs, and real-time settlement—unlike cards, it has no chargebacks or fraud risk.
“Wallid helps me keep things simple. No cards, no extra steps—just direct payments from the customer's bank account to mine. It’s also a lot safer since the customer verifies everything through their banking app. I feel more confident knowing the payments are real and protected.”
– Shopify Merchant, UK
FAQ
Is Pay by Bank safe to use?
Yes. It’s FCA-regulated, encrypted, and verified directly through your customer’s bank using secure open banking protocols.
Is Pay by Bank legit in the UK?
Absolutely. It’s part of the official UK open banking infrastructure used by over 11 million consumers every month.
Is Wall ID secure?
Yes. Wall ID is FCA-authorized, encrypted, and optimized for secure, compliant Shopify checkouts across high-risk industries.
Is Pay by Bank better than card payments?
For fraud prevention and cash flow—yes. It eliminates chargebacks, avoids card fees, and verifies identity through the customer’s bank.
Is Shopify Pay by Bank safe for regulated products?
Yes. Wall ID supports secure checkout for CBD, vape, supplements, and other regulated goods—ensuring compliance and protection at every step.
About the Author
This article was written by the team at Wallid, specialists in open banking and secure payments for UK Shopify merchants. With a focus on fraud prevention, fast settlement, and FCA-regulated infrastructure, Wallid helps ecommerce brands adopt Pay by Bank technology to reduce risk, eliminate chargebacks, and streamline checkout. Learn more at
wallid.co.