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

TrueLayer Reaches 10 Million Users

TrueLayer, the leading provider of Pay by Bank solutions in Europe, has achieved a significant milestone by exceeding 10 million active users. This remarkable growth translates to an impressive pace of acquiring a new user every three seconds. As a pioneer in introducing seamless and secure digital payment methods, TrueLayer is transforming online shopping experiences for consumers and merchants alike.

Growth in Consumer Adoption

The recent surge in TrueLayer's user base speaks volumes about the rising consumer demand for efficient payment solutions. Coinciding with the increased popularity of online shopping, the number of Pay by Bank transactions in the UK alone has tripled over the last three years, reaching approximately 23 million monthly payments in 2024. Francesco Simoneschi, TrueLayer's Co-Founder and CEO, elaborates on this trend, emphasizing the significant shift towards using bank accounts for online transactions instead of traditional card-based methods.

Consumers appreciate the benefits of Pay by Bank, including the elimination of the need for card details, reduced fraud risk, and instant confirmation of payments. Essentially, this payment method provides a user-friendly alternative that benefits both consumers and merchants by minimizing costs and enhancing transaction efficiency.

Merchant Adoption Accelerates

Businesses are also noticing the advantages of adopting Pay by Bank in their ecommerce platforms. TrueLayer's growth in the ecommerce sector is particularly remarkable, with the company experiencing a fivefold increase in transaction volume over the past year. Major European brands such as Ryanair, JustEat, and Lastminute.com have integrated TrueLayer's payment solution into their checkout processes, marking a huge leap in merchant adoption.

This shift not only streamlines online transactions but also offers merchants reduced transaction fees and faster settlements. By utilizing Pay by Bank, retailers gain immediate access to funds and see improved cash flow, while also experiencing fewer instances of chargebacks and fraud.

Enhanced User Experience

An important aspect of this development is the enhanced user experience facilitated by Pay by Bank transactions. TrueLayer’s network users convert at rates 10% higher compared to standard first-time users. By streamlining the checkout process, paying through bank accounts not only enhances user satisfaction but can lead to increased order values by as much as 20%. With a conversion rate of 90%, it’s evident that removing friction in the payment process drastically improves business outcomes.

A New Chapter for Payments

Being at the forefront of payment innovation, TrueLayer is optimistic about further accelerating the adoption of its services. Simoneschi believes the recent spike in interest among both consumers and merchants represents a pivotal moment for the payments industry. On the horizon are exciting developments aimed at expanding use cases and addressing challenges that businesses face with traditional payment options.

As TrueLayer continues to grow and evolve, it remains committed to reshaping how payments are processed and ensuring that the advantages of Pay by Bank are accessible to an even broader audience.

About TrueLayer

For those unfamiliar, TrueLayer is celebrated as Europe's premier provider of Pay by Bank services, facilitating instantaneous online payments that combine banking and identity verification. Trusted by over 10 million users across 21 countries, TrueLayer aims to revolutionize payment processing while prioritizing security and efficiency. With a notable transaction volume exceeding $72 billion, it is evident that TrueLayer is not just participating in the future of payments; it is actively shaping it.

For more information on how TrueLayer is transforming the payment landscape, visit truelayer.com.