Trustly expects to process $100 billion in open banking payments by 2024

Open banking payment company Trustworthy announced that it expects to transact a record $100 billion in total payment value (TPV) in 2024.

To date, more than 112 million consumers have used Trustly’s products, the company said in a press release emailed to PYMNTS on Wednesday (October 23).

“Trustly’s remarkable growth is further evidence that open banking payments are a viable alternative to cards.” Alexandre Gonthiersaid founder and CEO of Trustly, the Americas division of Trustly AB, in the press release.

The company attributed much of its growth in North America, where it expects 33% year-over-year growth in 2024, to its risk engine, which enables guaranteed payments at scale against insufficient funds and fraud And other payment default risks.

Trustly has seen new launches in Europe Lenovo And Foodorasays the press release. It has accelerated It Expansion in Germany and plans to continue its strategic growth across Europe.

“The modern account-to-account space is expected to reach $10 Trillions of 2028″, Johan TjärnbergGroup CEO of Trustly said in the press release. “And we are proud that our innovative payment solutions are leading the way.”

According to the PYMNTS Intelligence and Trustly collaboration, 46 percent of U.S. consumers are very willing to use open banking payments for at least one product or service: “Consumer sentiment towards open banking payments.”

According to the report, 66% of Millennials are very willing to do this.

Pay by bank transfer and open banking offer several advantages over traditional card payments, Gonthier told PYMNTS in an interview published in June. For billers, pay by bank can reduce card acceptance fees, Gonthier said. For consumers, it offers an always valid account that does not expire and has a lower rejection rate due to simpler risk engines.

The use cases for pay by bank and open banking are diverse and growing, said Gonthier. This includes biller, because consumers are used to paying bills using their bank account; Financial services such as remittances and wallet funding as they benefit from the lower costs associated with them pay from bank; and the online sports betting market due to restrictions on the use of credit cards and transaction limits associated with debit cards.