Variable Recurring Payments (aka “Bank on file”) are a key enabler for scaling Pay by Bank. They provide a bank-based alternative to card-on-file, supporting use cases like subscriptions and one-click checkout while giving consumers more control over how they pay.
The UK Payment Initiative (UKPI) will operate a commercial VRP scheme, enabling consumers to make flexible, recurring payments to businesses such as utility providers. The commercial scheme will deliver a seamless alternative to card-on-file and direct debits, and support the next phase of Pay by Bank adoption across the UK.