MyBank is the pan-European solution designed by EBA Clearing for domestic and cross-border e-commerce payments. It enables consumers to pay for their online purchases in an easy and safe way using real-time bank transfers.
MyBank positions itself as a flexible solution for both B2B and B2C businesses: over 250 banks and PSPs have joined the MyBank network throughout Europe. It is an especially popular payment method in Italy, integrated with over 200 banks and PSPs, and has a potential consumer base of 40 million consumers across Europe.
Consumers complete payments by selecting their bank and logging in with their online banking credentials.
Other bank-transfer methods operating in Italy include Trustly, TrustPay, Sepa and SafetyPay.
The benefits of supporting bank transfer in Italy
- Just 46% of Italians have a credit card but 84% have an Internet connection
- Italians pay for US$ 4.9 bn of annual online purchases with bank transfers each year.
- Over the next five years, the Italian e-commerce market will grow at a rate of 20%.