After completing a successful trial period initiated at the onset of 2017, the two companies have formalized the partnership. Qliro CEO Patrik Illerstig said the company selected Trustly for its “superb bank coverage” that spans all across Europe. As a part of the deal Sweden-based Trustly will become a permanent online banking option for Qliro’s Qliro One, a product that launched in 2016 to offer retailers a user-friendly, cost-effective, online checkout alternative. By integrating Trustly, consumers can pay directly from their bank account.
Trustly was founded in 2008 with a mission to make online payments as easy as paying with cash. Today, the company supports online payments in 29 European countries. The company, which works with 3300 banks across Europe, has processed $7 billion (€6 billion) on its platform since launch, and 14 million transactions so far in 2017.
Earlier this year, Trustly debuted its Direct Debit product at FinovateEurope 2017. Direct Debit offers speed, convenience, and security to enable one-click payments, recurring bank account charges for subscription payments, and in-app purchases. In the demo, Märta Viberg, Trustly’s Head of Product & Consumer Risk, showed how the on-boarding process works for authorizing recurring payments to an insurance company. After selecting the type of insurance they want, the user selects their bank, enters their online banking login credentials, and selects the account from which they want the funds to be drawn. Viberg also explained the advantage of using direct debit over paying via credit card, “And for cards, the signup process is okay, but cards either expire or get lost. That means that consumers have to enter their payment details again. It’s a cumbersome process for the customer and there’s a high risk of unnecessary churn for the merchant.”
Trustly was recently featured in Forbes, which interviewed the company’s CEO Oscar Berglund about offering an alternative to credit cards. In May, the company partnered with online fashion retailer Boozt.com and in March of this year, Trustly announced its expansion into the U.K., noting that Britain is a “big target” for the company in 2017.