MyBank is an online payment method that was created in 2013 in Italy. It is developed and managed by a consortium of European banks. The MyBank payment method allows consumers to pay online directly from their bank account using their online banking credentials.
To use MyBank, a consumer must have a bank account with one of the participating banks in the payment method. Banks that accept MyBank must also have an online identification system to allow customers to authenticate and authorize online payments.
When a consumer chooses to pay with MyBank, they are redirected to the MyBank payment interface. They must then select their bank and authenticate using their online banking credentials. Once authentication is successful, the payment is made directly from their bank account.
MyBank is primarily used for cross-border online payments in Europe. It is considered safe and reliable as it uses the authentication and security systems of participating banks. Additionally, it allows consumers to avoid the high fees typically associated with international credit or debit card payments.