What is Trustly?
Trustly is a popular bank transfer method in Europe that allows customers to pay businesses instantly from their bank accounts. For users, it’s always free to use and no registration, app downloads or fees are required.
What territories and verticals are served by Trustly?
Trustly currently serves 29 markets across Europe, all of which are integrated with emerchantpay. These include Bulgaria, Denmark, Estonia, France, Italy, Latvia, Spain and the United Kingdom, with a few of these restricted to pay-outs only, no pay-ins. In order to pay via Trustly, consumers need a bank account in one of the supported countries.
Merchants can also use Trustly to provide their customers with payment services across multiple verticals. The verticals in which Trustly specialises include eCommerce, travel, financial services and online gambling.
How big is Trustly’s market penetration?
In Western Europe, Trustly is a useful payment service because cashless payments are highly adopted in this region. According to the European Central Bank (ECB), the total number of non-cash payments in the euro area increased by 3.7% to 101.6 billion and total value increased by 8.7% to €167.3 trillion in 2021.
Interestingly, alternative payment methods are also already popular in some of Trustly’s Eastern European jurisdictions. In Estonia, for example, bank transfers are the most popular payment method, representing 67% of all payments in 2021.
How popular is Trustly with its customers?
Since launching in 2008, Trustly has reached over 525 million consumers across Europe and North America. In 2020, Trustly processed over €18 billion, marking a 42% increase on the previous year and a significant uptake in consumer use of the service.
As a merchant, why should I use Trustly and what potential future opportunities are there?
Trustly provides multiple expansion opportunities, particularly in core markets in Europe – Sweden, the Netherlands, Finland, Poland, Latvia, Denmark, Estonia, the United Kingdom, Germany, Lithuania, Slovakia and Austria. According to Forrester, eCommerce in Western Europe saw record growth of 31% in 2020 as more consumers than ever turned to online retail to live their lives. These penetration levels will likely remain strong in the coming years, signalling a significant opportunity to harness Trustly’s services in these regions.
Eastern Europe is also taking more of a centre stage in the global eCommerce landscape. As reported by the World Bank’s Doing Business 2020 index, which ranks countries by the ease of doing business, Latvia ranked 19th in the world. eCommerce in all the Baltic nations is fast becoming a go-to market for retailers around the world.
Along with emerchantpay’s already-integrated Trustly payments markets, there’s still room to add over a third of its served nations in the future – including the United States, where we expect to see more processing capabilities in the near future. This, along with any future expansions by Trustly itself and its already-positive customer reputation, makes the service an attractive APM option for merchants.
emerchantpay can help your business integrate Trustly into your payment strategy. To talk about accessing this powerful APM (and many more), get in touch with our team today.