Pay by Bank provider Trustly says it now has more than 120 million users worldwide.
“Trustly’s rapidly growing user base reflects the increasing adoption of Pay by Bank seen around the world,” the company said in a news release provided to PYMNTS Tuesday (April 7).
The release notes that 15 million consumers and businesses in the U.K. are Pay by Bank users, the equivalent of nearly a third of the country’s adult population, with total users increasing 34% year over year.
Some estimates put total adoption throughout Europe at 64 million users, while at least 100 million U.S. consumers have granted third parties such as Trustly access to their bank data.
“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,” said Johan Tjärnberg, Trustly’s CEO.
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“This achievement reflects not only Trustly’s market-leading position but also the growing trust and demand for Pay by Bank as consumers and businesses alike embrace faster and more secure ways to pay.”
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In the last two years, the release added, Trustly has added companies such as Booking.com, AT&T and Virgin Media to its roster of customers. It also has a contract with the British revenue and customs service, calling it “the UK’s most significant open banking mandate.”
PYMNTS Intelligence has collaborated with Trustly on research into Pay by Bank usage. The report “Pay by Bank: Consumer Adoption Hinges on Security Concerns” found that around 30% of U.S. consumers had used Pay by Bank in the previous year, though the method makes up just 1.5% of consumer transactions.
“Pay by Bank has already cleared the industry’s usual adoption hurdles,” PYMNTS wrote 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.”
What hasn’t taken place is default behavior, the report said, with debit cards, which offer minimal rewards and limited protections compared to credit cards, still accounting for around 30% of retail transactions in the U.S.
“Their dominance reflects habit and trust more than innovation,” PYMNTS added. “Debit is familiar. Consumers know how disputes work, when funds leave their accounts, and what happens if something goes wrong.”
In addition to this research, PYMNTS has covered some of the company’s recent product launches, such as Trustly ID, the biometric payments solution launched in Europe last year. Also in 2025, Trustly debuted Scan & Pay, its cashless gaming solution.
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