Trustly, a prominent Pay by Bank provider, has announced a significant milestone, reporting over 120 million users worldwide. This achievement underscores the accelerating global adoption of Pay by Bank solutions, with the company’s user base experiencing a 34% increase year over year.
In a news release provided to PYMNTS, Trustly stated that its rapidly expanding user base is a direct reflection of the growing embrace of Pay by Bank services across various international markets. Johan Tjärnberg, Trustly’s CEO, emphasized the gravity of this accomplishment, remarking, “Surpassing 120 million users is a real milestone for Trustly and is testament to our central role in driving the momentum behind Pay by Bank globally.” Tjärnberg added that this milestone not only highlights Trustly’s market-leading position but also signifies the increasing trust and demand for Pay by Bank as both consumers and businesses seek faster and more secure payment methods.
Expanding Global Footprint and Market Penetration
The growth in Trustly’s user base is supported by robust figures across key regions. In the United Kingdom, approximately 15 million consumers and businesses are now utilizing Pay by Bank, a figure that represents nearly a third of the country’s adult population. This substantial penetration in the UK market demonstrates a strong localized adoption trend.
Beyond the UK, the broader European market shows an estimated 64 million Pay by Bank users. In the United States, at least 100 million consumers have granted third parties, including Trustly, access to their bank data, indicating a significant underlying readiness for such payment methods. These regional statistics collectively contribute to Trustly’s global user count, illustrating a widespread shift towards direct bank-to-bank payments.
Strategic Partnerships and Open Banking Mandates
Trustly’s expansion has been bolstered by strategic partnerships and its engagement with significant open banking initiatives. Over the past two years, the company has successfully integrated major enterprises into its customer roster, including global travel giant Booking.com, telecommunications leader AT&T, and media provider Virgin Media. These collaborations enhance Trustly’s reach across diverse sectors, from e-commerce to utilities.
Furthermore, Trustly holds a pivotal contract with the British revenue and customs service, which the company describes as “the UK’s most significant open banking mandate.” This government-level endorsement not only validates the security and efficiency of Trustly’s platform but also positions Pay by Bank as a critical component of modern public sector financial operations, driving broader acceptance and trust.
Understanding Pay by Bank Adoption Dynamics
Despite the impressive user growth, the adoption of Pay by Bank as a primary transaction method presents a nuanced picture. Research conducted by PYMNTS Intelligence in collaboration with Trustly, detailed in the report “Pay by Bank: Consumer Adoption Hinges on Security Concerns,” sheds light on consumer behavior.
The report found that while approximately 30% of U.S. consumers had utilized Pay by Bank in the preceding year, this method currently accounts for only 1.5% of total consumer transactions. This disparity suggests that while consumers are aware of and occasionally use Pay by Bank, it has not yet become a default payment option for a majority.
PYMNTS analysis indicates that Pay by Bank has successfully overcome common industry adoption hurdles. As PYMNTS noted earlier this year, “Consumers do not need to download new apps, open new accounts, or learn unfamiliar workflows. They encounter the method in contexts that already feel bank-like: paying utility bills, transferring money between accounts, or funding subscriptions.” This inherent familiarity simplifies the user experience, removing significant barriers to entry.
However, the challenge lies in shifting established consumer habits. Debit cards, for instance, still command around 30% of retail transactions in the U.S., despite offering minimal rewards and limited protections compared to credit cards. PYMNTS attributed this dominance to “habit and trust more than innovation,” explaining that “Debit is familiar. Consumers know how disputes work, when funds leave their accounts, and what happens if something goes wrong.” This highlights the deep-seated psychological factors influencing payment choices, where familiarity and perceived reliability often outweigh innovative features.
Innovation in Payment Solutions
Trustly continues to innovate within the payment landscape, introducing new solutions designed to enhance user experience and security. Last year, the company launched Trustly ID, a biometric payments solution specifically for the European market, aiming to streamline authentication and payment processes through advanced biometric technology.
In 2025, Trustly also debuted Scan & Pay, a cashless gaming solution. These product launches demonstrate Trustly’s commitment to diversifying its offerings and addressing specific market needs, further solidifying its position as a leader in the evolving digital payments sector.
The milestone of 120 million users firmly establishes Trustly’s influence in the global Pay by Bank movement. While the path to making Pay by Bank a default payment choice involves overcoming ingrained consumer habits, the company’s sustained growth, strategic partnerships, and continuous innovation suggest a strong trajectory towards broader market dominance. As digital payment preferences continue to evolve, the emphasis on speed, security, and seamless integration will likely drive further adoption of direct bank payment solutions.
