NewTech Friday: Trustly – Offering fast, simple and secure online banking payments
Swedish scaleup Trustly is an open banking pioneer and a global payment method. Qorus’ Boris Plantier talked to Oscar Berglund, in charge of their business development in Europe, to learn more about the company that recently announced the launch of AI-powered recurring payments to boost the European subscription economy.
Swedish scaleup Trustly is an open banking pioneer and a global payment method. Qorus’ Boris Plantier talked to Oscar Berglund, in charge of their business development in Europe, to learn more about the company that recently announced the launch of AI-powered recurring payments to boost the European subscription economy.
What led to the creation of Trustly?
Several of the Trustly founding team had been working with payments on the merchant side, and had seen first-hand the problems associated with traditional payment methods. The idea, when Trustly was founded back in 2008, was to create a payment solution that would not be based on the card rails, but on those for the bank account instead. The objective is always about convenience for the paying consumer, while instant and without fraud and chargeback problems for the merchant.
Could you present Trustly's offer?
We are a digital payment alternative to cards, and other incumbent payment methods like PayPal. Consumers can choose to pay with Trustly at the merchant checkout, and the payment is taken directly from the bank account. Our merchants typically offer Trustly as a complement to cards on their websites and apps. Our solutions support both payments (the consumer paying the merchant) and payouts (the merchant making a payment back to the consumer), and the money moves directly from and to the consumer’s bank account.
We are the leading A2A (account-to-account) payment solution in the world, and we serve over 9,000 merchants in 33 markets across Europe and North America. Our transaction value grew by 79% between 2022 and 2023.
For consumers, the experience is quick, easy, and provides full control. Our merchants benefit from more cost-efficient and hassle-free payments. Our platform supports a range of options, including instant payments, recurring payments, and payouts, as well as complementing data products that help drive our merchants’ sales.
What's coming next for Trustly?
Since we started back in 2008, we have stayed focused on trying to solve our merchants’ payment-related problems and pain points. We have developed a great solution for consumers to make one-off payments to merchants, and we will continue to optimize it and make it available in additional countries.
Also, merchants who sell subscriptions or regularly send bills to their customers have for several years asked us to help them collect recurring payments, and just two weeks ago we announced our new recurring payments solution live in Paris – the first-of-its-kind solution for recurring payments in continental Europe harnessing the power of AI, data and open banking. This solution will really help our merchants to receive repeat payments in a smarter way than what exists today.
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