Stripe and TrueLayer are partnering on Pay by Bank in Germany and France. According to a release, the initiative builds upon the success the two firms had in the UK.
By offering Pay by Bank, users can access a streamlined and more effective payment process that also benefits from reduced fees. Users do not need to enter card information, but can be authenticated via biometrics. This is accomplished because Open Banking requirements mandate access to information needed to complete the payments process.
It is anticipated that Pay by Bank payments within the European Union are expected to reach 30 billion by 2028.
Germany and France are TrueLayer’s largest markets outside of the UK and a key area of expansion. Currently, TrueLayer processes approximately €2 billion in France and €1.4 billion in Germany through Pay by Bank.
For merchants, they are predicted to gain a 42% increase in conversions.
TrueLayer is currently live in 21 countries with more than 15 million users