TrueLayer, Europe’s Pay by Bank provider, is announcing that its consumer network has now surpassed 10 million active users.
This growth highlights the demand for cost-effective digital payments, with TrueLayer’s Pay by Bank solution contributing to the key industry trend.
To date, TrueLayer says that it has processed over “$72 billion in payments and currently processes more than 40% of all UK Pay by Bank transactions, making TrueLayer the largest Pay by Bank network in the UK.”
These milestones underscore the growing consumer preference for Pay by Bank – a payment method that “offers consumers an easy, fast and secure way to pay online without the need for card details.”
In the UK, Pay by Bank transactions have more than “tripled over the past three years, reaching 23 million monthly payments in 2024.”
Consumers are choosing to Pay by Bank because it “eliminates the need for card details, reduces the risk of fraud and provides instant payment confirmation.”
By bypassing traditional card networks, customers and merchants can avoid unnecessary fees, while taking advantage of instant payment confirmation.
As Pay by Bank is reportedly being adopted by services across multiple sectors, consumers can now “use their bank accounts to pay for everything from pizzas to holidays.”
The ecommerce sector is a key driver of this growth and “adoption and is TrueLayer’s fastest growing category.”
In the past year, TrueLayer claims that it has “experienced a 5X increase in ecommerce transaction volume, with some of Europe’s most successful brands, including industry leaders like Ryanair, JustEat and Lastminute.com, adding TrueLayer’s Pay by Bank solution into their checkouts.”
With 10 million active TrueLayer users, every new user represents a potential customer who can “pay instantly and securely via their bank account, making transactions faster and reducing the risk of fraud.”
For merchants, this means “lower transaction fees, fewer chargebacks, reduced fraud risk and improved cash flow, as Pay by Bank payments settle quickly and directly, giving merchants instant access to funds.”
Consumers within the TrueLayer user network also “convert at 10% higher rates than standard first-time users.”
By removing friction from the checkout, the personalized payment experience “boosts order values by up to 20% and achieves a 90% conversion rate.”
Francesco Simoneschi, Co-Founder and CEO of TrueLayer, said:
“The past few months have been a tipping point for the adoption of Pay by Bank, with rapid growth from both merchants and consumers, particularly within ecommerce.”
They added:
“With 10 million consumers in our network, even more merchants are eager to add Pay by Bank to their checkout, meaning more consumers will experience the benefits. There’s a powerful multiplier effect happening here – one that we believe will revolutionise the payments industry. We also plan to further accelerate adoption of Pay by Bank by introducing new consumer functionalities, expanding use cases and solving pain points that merchants are experiencing with other payment methods. We look forward to announcing more on that later this year.”
As covered, TrueLayer is Europe’s Pay by Bank provider.
They aim to power smarter, safer and faster online payments by “combining real-time bank payments with financial and identity data.”
Businesses big and small use our products to “onboard new users, accept money and make payouts in seconds, and at scale.”
They’re reportdly live across 21 countries and “more than 10 million users trust us to process their transactions.”
They’re on a mission to “change the way the world pays.”