It’s 2013. Trustly has processed around €500 million and is live in four countries. We’re invited to Finovate to present our promising online bank payment solution in a succinct seven-minute demo.
Flash forward to 2017: Trustly has processed nearly €5.5 billion and is now live in 29 European countries. This year, we returned to Finovate to introduce our newest product, Trustly Direct Debit.
How does it work? Trustly increases conversion and reduces churn for merchants by eliminating the need for ever-expiring and constantly compromised credit cards. In under a minute, users can sign a digital mandate, which lets Trustly withdraw payments directly from their bank account, meaning the merchant always gets paid on time and the users don’t need to constantly update their payment details. It’s perfect for recurring and one-click payments, like subscription services, taxi apps, charities and much more.
Finovate, held in Old Billingsgate Market in London, welcomes companies and individuals shaping the future of financial technology. Given the nature of the event, Trustly’s Josef Darmark, Chief Product Officer, and Märta Viberg, Head of Product and Consumer Risk, demoed how Trustly Direct Debit can work for a travel insurance company.
After applying for insurance within an app, travelers can set up monthly payments by selecting their bank, entering their online banking login credentials, verifying their identity and signing the digital mandate. The process takes less than a minute and lets Trustly debit the installment amount from the travelers’ bank accounts each month. It’s a seamless process that works especially well on mobile.
Interested in learning more? Check back soon for the video of our Finovate presentation and in the meantime, visit our product page with example use cases.