Open Banking and account-to-account (A2A) payments are becoming more prevalent across Europe, according to data from Trustly.
The Swedish fintech found that consumers using its Azura spent 10.5% more at checkout, were purchasing 8.6% more frequently in key markets and had an opt-in rate of 75% .
Trustly also details a 30% reduction in average time to complete a transaction across all markets and verticals. In addition, the firm recorded a 20% increase in conversion rates before and after implementing Azura.
Johan Tjärnberg, Group CEO of Trustly, said: “We are transforming the way people pay across Europe, resulting in a sharp increase in conversion rates – up to 40% in some countries -a turning point in consumer behaviour, and clear merchant satisfaction globally.
“Personalisation for online transactions has been seriously under-utilised – we have changed that. And we are doing it on an unmatched scale thanks to our position as the leading account-to-account payments provider. Our mission is to innovate, and this is just the beginning.”
Trustly specialises in providing Open Banking services, which it delivers to commercial partners across a range of sectors and markets. The company counts the likes of Light & Wonder in igaming, MX Technologies in finance and crypto exchange Coinbase as clients.
The firm has identified strong demand for instant payments. Growth has been experienced particularly in Europe and the US, where Trusty’s performance drove its transaction value up by 79% to $58bn in total volume.
These observations come at a time when various countries’ governments are looking to enhance Open Banking infrastructure and encourage greater adoption within their domestic economies and payments networks.
The UK, for example, is chasing a leadership position in this area, but the US, Australia and India have also been earmarked as other nations making substantial progress.
