The payment provider iPay.ua has launched a new payment method called “My Bank,” which allows users to pay for services directly from their banking app—without entering a card number, CVV code, or account details.
Simply select your bank on the payment page, and the system automatically opens your banking app with the payment already set up and ready for confirmation. The payment is processed as a direct transfer between accounts (IBAN-to-IBAN), without involving traditional payment systems or card infrastructure.
This way, the user interacts not with a card, but directly with their bank account—within the familiar and secure environment of their banking app.
Pay by Bank: A Global Trend Now Available in Ukraine
The “My Bank” method operates on the Pay by Bank model—a modern account-to-account payment format that is rapidly gaining traction in Europe.
In a number of countries, similar solutions have already become a common part of daily payments alongside cards: iDEAL in the Netherlands, BLIK in Poland, and Bizum in Spain.
Now, iPay.ua is implementing this format in Ukraine. In the initial launch phase, “My Bank” is available on the iPay.ua payment platform, as well as in the “KUB” app from the Naftogaz Group.
“‘My Bank’ marks a new stage in the development of Ukrainian payments, as Ukraine moves toward account-to-account settlements in step with the global market,” comments Yevhen Velikanov, CEO of iPay.ua.
How It Works
Payment takes just a few seconds:
The user selects “My Bank” from the payment methods
Selects their bank from the list
The system automatically opens the bank’s app
The pre-filled payment awaits confirmation
After confirmation in the bank’s app, the user immediately receives a notification that the payment was successfully processed on the merchant’s end.
All details—amount, account information, and payment description—are filled in automatically. There’s no need to enter card details or bank account information.
How “My Bank” Differs from Card Payments
In “My Bank,” payments are processed as transfers between bank accounts (IBAN), without using a card:
Payment confirmation and authorization take place within the banking app
The user interacts directly with their bank
Funds are transferred directly from account to account.
In other words, the transaction takes place without using the card infrastructure, which reduces the number of parties involved in the process.
This offers several advantages:
Lower risk of fraud, since card details are not transmitted
Direct user control over payments via the bank’s app
Lower payment processing costs for businesses.
How Is It Different from Apple Pay and Google Pay?
Despite a similar user experience, Apple Pay and Google Pay remain card-based payment methods. Card details are replaced with digital tokens, but the transaction itself still goes through the card payment infrastructure.
“My Bank” works differently:
No card as a payment method
No card acquiring
No card infrastructure
Directly between bank accounts.
As a result, users enjoy a higher level of transaction security—because card data is never transmitted or processed, and therefore cannot be intercepted.
Businesses, in turn, benefit from a simpler and more cost-effective payment acceptance model.
Learn more about “My Bank” at https://qr.ipay.ua/
Benefits for Users
Pay in just a few clicks without entering card details
Confirmation within your usual banking app
Enhanced security thanks to direct interaction with the bank
Full control over the payment: all details are displayed before confirmation
Ability to make payments exceeding standard card limits
0% commission for customers of select banks.
Benefits for Businesses
In the traditional card-based model, a transaction passes through a complex chain of intermediaries. “My Bank” streamlines this into a direct transfer between accounts.
For businesses, this means:
Lower transaction costs (up to 50% lower than card payments)
No costs for POS terminals or card acquiring
Higher conversion rates thanks to a simplified payment process and the absence of card limits.
“My Bank” is changing the logic of digital payments. It’s becoming simpler and cheaper: some of the costs embedded in the card infrastructure simply disappear in the account-to-account model,” notes Ivan Stepanets, Director of Innovation at iPay.ua.
Next Steps for Scaling “My Bank”
The first integrations of “My Bank” are just the beginning of the rollout of the Pay-by-Bank model in Ukraine.
The next steps involve expanding the method’s use in e-commerce, services, and offline payments.
Currently, “My Bank” can already be used to pay for over 50 services on iPay.ua, as well as to make payments in the Naftogaz Group’s “KUB” app.
Partner Banks
The following banks already support the “My Bank” method:
JSC “BANK CREDIT DNIPRO”
JSC “Raiffeisen Bank”
JSC “UNIVERSAL BANK” / MONOBANK
JSC Commercial Bank “PrivatBank”
OTP Bank JSC
Pivdenny Joint-Stock Bank
Pravex Bank JSC
MTB Bank PJSC
A-Bank JSC
JSC “SENS BANK”
JSC “UKRSIBBANK”
JSC “VST BANK”
JSC “CREDIT AGRICOLE BANK”
JSC “AB ”RADABANK”
The list of partner banks will gradually expand.
A 0% fee applies to customers of certain banks, including monobank, A-Bank, OTP Bank, KredO, Alliance, Radabank, and Bank Credit Dnipro.
About iPay.ua
iPay.ua is a Ukrainian fintech company with 18 years of experience in the market that implements modern payment solutions in Ukraine.
The service facilitates payments for millions of users, including through partnerships with Ukrzaliznytsia, Uklon, WOG, SOCAR, UPG, Silpo, YASNO, Kyiv Digital, and others. iPay.ua also collaborates with Ukraine’s leading banks.
The company processes over 1,000,000 transactions daily and is one of the key technology players in the Ukrainian payment market.
