Swedish FinTech company Trustly has launched Trustly Direct Debit, a new payment product for recurring purchases including subscriptions services and one-click payments.
Trustly Direct Debit is redefining the way recurring payments are made for subscription services, such as digital music and magazine subscriptions, monthly donations and credit repayments. The new product is based on Trustly’s direct online banking e-payments service and works on both mobile and desktop devices. Trustly Direct Debit is now available for merchants in Sweden.
"This is an evolution within payments and a revolution when it comes to simplicity and convenience. The product is developed with today's mobile consumer’s demands in mind. It means less hassle and more flexible payments, and it completely removes the risk of having a service stop due to an expired or lost credit card," said Marta Viberg, Product Owner and Head of Consumer Risk at Trustly.
No software integration is required. The consumer agrees to recurring payments by identifying with Mobile BankID or with their preferred verification method; then money is transferred swiftly and securely from the bank account according to the desired interval.
"The consumer is relieved of the hassle associated with a credit card expiring, getting lost or being stolen – which are the most common reasons why a recurring payment stops working. A bank account never expires, so with Trustly Direct Debit, consumers can rest assured that they will continue making their scheduled payments," Marta Viberg continues.
Trustly Direct Debit will reduce e-merchants’ administrative costs of handling traditional direct debit forms, while simultaneously reducing customer churn. In Sweden, Trustly has the best bank coverage in the market. Since the vast majority of consumers have at least one bank account, e-merchants that offer convenient and safe online banking payments can increase their customer base, improve loyalty and boost customer satisfaction.
Founded in 2008, Trustly Group AB is a Swedish FinTech company that makes online banking e-payments fast, simple and secure. The company offers cross-border payments to and from consumer bank accounts at 190 banks in 29 European markets and connects businesses and consumers within e-commerce, travel, gaming and financial services.
FinTechCity London predicts Trustly will revolutionize the financial services sector and in 2016, the newspaper Dagens Industri awarded Trustly a Gasell award for being one of Sweden’s fastest growing companies.
Trustly has 150 employees and is headquartered in Stockholm, Sweden, with regional offices in Spain, Malta, Germany and the UK. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority.