Trustly has revealed that it is on track to process $100bn in Total Payments Value (TPV) this year.
Trustly, Inc., the Americas division of Trustly AB, is on course for a record-breaking year in 2024, with Total Payments Value (TPV) projected to grow by 33% year-over-year. So far, the company has reached $92.5bn in TPV. Since its launch, Trustly, Inc. has also supported billers and telecom companies in processing more than $400bn in bill payments.
The company attributes this achievement to a major shift in the payments industry, as merchants around the world increasingly seek alternatives to traditional card payments. So far, more than 112 million consumers globally have used Trustly’s products, highlighting the growing popularity of Pay by Bank options at checkout.
Alexandre Gonthier, Founder and CEO of Trustly, Inc. said: “Trustly’s remarkable growth is further proof that Open Banking Payments are a viable alternative to cards. I’m beyond proud of our exceptional team and leadership for all of their hard work and dedication.
“As Trustly, Inc. grows, we will remain committed to enhancing the user experience and driving consumer adoption as we continue to strengthen our position as a payments industry game-changer.”
Furthermore, Trustly attributes its 2024 success to several recent strategic partnerships, including collaborations with BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT and Light and Wonder.
In its announcement, Trustly highlighted that earlier this year it expanded its partnership with Cross River Bank to include FedNow, in addition to the Real-Time Payments (RTP) network, where the company has processed over $17bn in TPV.
Trustly is experiencing significant success in Europe alongside its North American efforts. The company has launched new partnerships with Lenovo and Foodora, and its collaboration with ACE Money Transfer has resulted in a 40% increase in remittances since 2021.
In the UK, Trustly’s subsidiary Ecospend has maintained its partnership with HM Revenue and Customs (HMRC), processing £30bn in tax payments, a notable use case for Open Banking Payments.
To build on this momentum, Trustly is expanding in Germany, further solidifying its presence across Europe. With a strong footing in all major EU markets, the company is set for continued growth, with plans to enter more countries by the end of 2024.
Johan Tjärnberg, Group CEO of Trustly, added: “Our success in North America is phenomenal – all thanks to the outstanding work by Alex and his team. Merchant adoption of Open Banking Payments has surged in recent years. Our expanding partnerships with major brands – following the rapid adoption of our game-changing recognition technology Trustly Azura, where three out of four customers are opting in – highlight our strong position.
“The modern account-to-account space is set to reach $10trn by 2028. And we’re proud our innovative payment solutions are leading the way.”
