Buy bitcoin with Open banking payment

What is Open banking payment?

An open banking payment is a category rather than a single brand: an FCA authorised payment initiation provider hands you to your own bank's app, you approve a transfer whose details are already filled in, and the money moves from your account to the merchant without a card. In the UK the standards and directory are run by Open Banking Limited, and only firms authorised by the FCA may initiate payments, always with your explicit consent. More than one billion such payments have been initiated since launch, with about 40 million in June 2026 alone, and UK exchanges offer it as a card free way to fund a GBP balance.

Speed

You approve the payment inside your own banking app, and the transfer normally lands within minutes, though a bank may hold a first payment to a new payee for extra checks.

Cost

The payer is not charged: the initiation provider bills the merchant, and the underlying transfer is free on a normal UK current account.

Limits

Your bank's own transfer limits apply, and they vary by bank and by whether you approve in the app or in online banking.

Speed and cost describe the rail itself. What an exchange adds on top varies by platform and is shown per exchange below.

Using Open banking payment in the United Kingdom

Open banking payment appears in one country guide on this site, the United Kingdom, where deposits settle in Pound sterling (GBP). Buyers there fund exchange accounts with Faster Payments, Debit card, Apple Pay, Google Pay as well, and the country guide ranks the exchanges that take each one.

Buy bitcoin with Open banking payment in the United Kingdom