Mollie Launched Pay by Bank Transfer Service
Merchants in the Netherlands and UK can now offer direct bank payments as an alternative to iDEAL and Wero.
Updated on Oct. 5, 2026 in Financial Services
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Mollie has introduced its Pay by Bank service, allowing customers to complete transactions through direct connections with over 2,500 banks. The system facilitates irrevocable payments directly within a merchant's existing checkout interface.
Why it matters
By bypassing traditional card networks to offer direct bank transfers, this service creates new competition for established systems like iDEAL and Wero. Merchants must weigh the lower transaction friction against the lack of buyer protection inherent in this payment model.
The new system integrates with more than 2,500 banks across its launch markets of the Netherlands and the United Kingdom. While the service provides immediate payment finality, it currently lacks the buyer protection features found in some competing platforms.
The players
Mollie
A payment service provider offering financial infrastructure and transaction processing services to online merchants.
iDEAL
A major e-commerce payment system primarily used for bank transfers in the Netherlands.
Wero
A European digital wallet initiative designed to facilitate instant account-to-account payments between consumers and merchants.
The details
The Pay by Bank system functions by embedding the payment flow directly into the merchant's checkout interface, removing the need for customers to navigate to external portals. Because the system utilizes irrevocable payments, the funds transfer is final once authorized, which changes cash flow timing compared to standard card networks. Merchants should note that the current lack of buyer protection means they do not have to account for chargeback cycles common in credit-backed transactions.
Timeline
October 5, 2026: Mollie launched the Pay by Bank service.
First half of 2027: Pay by Bank will expand to the rest of Europe.
2028: Wero plans to add buyer protection features.
Market Landscape
The rise of Mollie's Pay by Bank follows the competitive patterns established by the European Payments Initiative, which seeks to unify digital payment standards across the continent. The launch marks a private-sector challenge to the market dominance of collaborative systems supported by the European Payments Initiative.
Merchants should assess whether the lack of buyer protection in this direct-transfer model impacts their specific customer trust and refund operations. Consider tracking how conversion rates differ when offering this irrevocable payment option versus card-based alternatives.
The takeaway
Direct bank transfers offer operators a path to lower processing friction, but the absence of buyer protection requires transparent communication at checkout to manage customer expectations. Monitor the 2028 update from Wero to see how industry standards for consumer protections shift as account-to-account payments scale.
What happens next
Pay by Bank is scheduled to expand into additional European markets during the first half of 2027.
Further reading
For more on payment infrastructure developments, visit Financial Services.
Source note: This article includes information reported by NL Times.
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