Information Technology
TrueLayer Hits 10 Million Consumers, Acquiring a New User Every 3 Seconds
In the UK alone, Pay by Bank transactions have more than tripled over the past three years, reaching 23 million monthly payments in 2024 . Consumers are increasingly choosing to Pay by Bank because it eliminates the need for card details, reduces the risk of fraud and provides instant payment confirmation. By bypassing traditional card networks, customers and merchants can both avoid unnecessary fees, while enjoying instant payment confirmation.
As Pay by Bank is increasingly being adopted by popular services across multiple sectors, consumers can now use their bank accounts to pay for everything from pizzas to holidays.
The ecommerce sector is a key driver of this growth and adoption and is TrueLayer's fastest growing category. In the past year, TrueLayer has experienced a 5X increase in ecommerce transaction volume, with some of Europe's most successful brands, including industry leaders like Ryanair, JustEat and Lastminute.com, adding TrueLayer's Pay by Bank solution into their checkouts.
With 10 million active TrueLayer users – and another new user joining every 3 seconds – every new user represents a potential customer who can pay instantly and securely via their bank account, making transactions faster and reducing the risk of fraud.
For merchants, this means lower transaction fees, fewer chargebacks, reduced fraud risk and improved cash flow, as Pay by Bank payments settle quickly and directly, giving merchants instant access to funds.
Consumers within the TrueLayer user network also convert at 10% higher rates than standard first-time users. By removing friction from the checkout, the seamless and personalised payment experience boosts order values by up to 20% and achieves a 90% conversion rate.
Francesco Simoneschi , Co-Founder and CEO of TrueLayer, said:
TrueLayer is Europe's leading Pay by Bank provider. We power smarter, safer and faster online payments by combining real-time bank payments with financial and identity data. Businesses big and small use our products to onboard new users, accept money and make payouts in seconds, and at scale. We're live across 21 countries and more than 10 million users trust us to process their transactions. Though we're not stopping here. We're on a mission to change the way the world pays. And we won't stop until we've unlocked the full potential of payments. Visit truelayer.com
Based on OBIE data from December 2024
https://www.openbanking.org.uk/api-performance/
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