#London #UK #Digital Payments #TrueLayer #Pay by Bank

TrueLayer's Remarkable Growth

TrueLayer, a prominent player in the digital payments industry, has recently announced a significant milestone: it has now surpassed 10 million active users. This fast-paced growth means that a new user is signing up every three seconds, showcasing the increasing demand for accessible and secure payment options in today’s market.

Francesco Simoneschi, Co-Founder and CEO of TrueLayer, commented on this surge by saying, "The past few months have been a tipping point for the adoption of Pay by Bank by merchants and consumers alike." TrueLayer’s Pay by Bank solution is transforming the payments landscape in the UK and beyond. Currently, TrueLayer processes about 40% of all Pay by Bank transactions, establishing itself as the leading network in the country.

Unprecedented Growth in E-commerce

E-commerce stands out as the fastest-growing sector for Pay by Bank transactions. TrueLayer has reported a remarkable fivefold increase in transaction volume over the past year alone. Big names such as Ryanair, JustEat, and Lastminute.com have recently integrated TrueLayer’s payment solution into their checkouts, indicating a widespread acceptance among top-tier brands.

This growing adoption is not merely a feature of increased marketing; it reflects a significant shift in consumer behavior. In the UK, monthly Pay by Bank payments hit 23 million in 2024, indicating that consumers are increasingly favoring this payment method for its simplicity and security. Unlike traditional payment methods that require card details, Pay by Bank facilitates instant payments, minimizes fraud risks, and eliminates unnecessary fees for both consumers and merchants.

Consumer Preferences Shifting

The consumer landscape is rapidly evolving, with more individuals choosing to leverage their bank accounts for online purchases. This method not only streamlines the payment process but also enhances transaction security. The shift away from card-based payments is evident, with data showing that TrueLayer users convert at rates 10% higher than standard users. By simplifying the checkout process, consumers experience less friction, resulting in higher order values—up to 20%—and impressive conversion rates of about 90%.

Benefits for Merchants

TrueLayer’s rapid adoption is also beneficial for merchants. With lower transaction costs, reduced chargebacks, and faster access to funds, businesses can enhance their cash flow significantly. Moreover, because Pay by Bank payments clear directly between banks, merchants enjoy instant liquidity, which is crucial for business operations.

Francesco Simoneschi emphasized the network effect that comes with 10 million active users. "Every new user represents a potential customer who can make secure, instant payments. This is revolutionary not just for our growth trajectory, but for the entire payments industry."

TrueLayer plans to build on this momentum by introducing new functionalities and expanding use cases for its Pay by Bank system. As Simoneschi elaborated, the company is committed to solving existing pain points faced by merchants with traditional payment methods. More announcements regarding new features are expected later in the year.

A Future of Innovations

Looking outward, TrueLayer continues its mission to reshape the way payments are made across the globe. With operations in 21 countries and trust from over 10 million users, TrueLayer is not just leading in the UK but is poised to become a pivotal force in global payment innovations.

In conclusion, TrueLayer sets a noteworthy precedent in the finance and technology sectors, leveraging technology to create a more efficient payment ecosystem that benefits consumers and merchants alike. The rapid growth to 10 million users underscores the strong consumer demand for seamless and secure payments, marking a bright future for digital finance.