TrueLayer has surpassed 10 million active users for its consumer network, marking it as a “tipping point” for Pay by Bank demand.
According to the Open Banking provider, a new user now joins its consumer network every three seconds. The company attributed this rapid growth to its Pay by Bank solution, stating that it is “leading the charge”.
Currently, the firm is the largest Pay by Bank network in the UK. TrueLayer has processed over $72bn (£57.8bn) in payments and currently processes more than 40% of all UK Pay by Bank transactions.
Co-Founder and CEO, Francesco Simoneschi, Simoneschi remarked: “The past few months have been a tipping point for the adoption of Pay by Bank, with rapid growth from both merchants and consumers, particularly within ecommerce.
“With 10 million consumers in our network, even more merchants are eager to add Pay by Bank to their checkout, meaning more consumers will experience the benefits. There’s a powerful multiplier effect happening here – one that we believe will revolutionise the payments industry.”
Consumers have increasingly adopted the payment method over the last three years, with transactions more than tripling in the UK alone. Pay by Bank has become favourable due to its ability to eliminate the need for manual card detail entry, providing instant payment confirmation and reducing the risk of fraud.
Pay by Bank also offers lower transaction fees, fewer chargebacks and improves cashflow making it beneficial for merchants as well as consumers.
In a conversation with Payment Expert at the start of this year, Simoneschi said that solutions like Pay by Bank are “stepping up, offering payments that are faster, more secure and more reliable”.
He predicted that 2025 will be a battle for checkout share among Pay by Bank, BNPL, card payment schemes and others.
“Expect to see a dogfight that brings long overdue innovation and pricing competition to consumers and merchants,” Simoneschi added.
Looking forward, TrueLayer is planning to expand on this success and further accelerate its adoption of Pay by Bank.
Simoneschi concluded: “We also plan to further accelerate adoption of Pay by Bank by introducing new consumer functionalities, expanding use cases and solving pain points that merchants are experiencing with other payment methods. We look forward to announcing more on that later this year.”
