Quick overview:
Digitalization has shifted many aspects of "reality" to the online sector. Payment service providers are no exception. Hardly any other industry is growing as fast as e-commerce. Trustly Group AB has been able to benefit from this development in particular. Why is this the case and what else is there to know about this special payment system?
What is Trustly?
With Trustly is a Swedish payment service provider based in Stockholm. This type of payment transaction can be used in all EU member states plus Norway. Since the merger in 2019 with "PayWithMyBank", payments to and from the USA are also possible - without increased bank transfer duration with Trustly.

Transfers between merchants and customers are carried out via the company. This is done directly without intermediaries. Once the transaction has been completed, the merchant receives a confirmation from Trustly. The Swedish group's most prominent partners include:
- Skrill
- Payson
- Emerchantpay
- Alpha Fintech
Most of these companies belong to the financial sector. Collaborations of this kind enable Trustly to optimize its services and penetrate new markets.
History of Trustly
The payment service was founded in Stockholm in 2008 by Carl Wilson, Joel Jakobsson and Lukas Gratte. An initial geographical expansion in 2010 increased sales by more than 200%. In the same year, over one million transactions were carried out via the service provider for the first time.
The expansion plans were continued in 2014. Of particular note here are Trustly's new partnerships with Groupon and Paypaly. A full 10 million transfers were recorded in this year. In 2018, the company was estimated to be worth around 700 million dollars. In 2020, this figure rose to just under 2 billion and in April 2021 to around 9 billion dollars.
Open Banking
Open Banking is the technical possibility of giving merchants access to financial customer information. Payments can now be processed directly from your own bank account online. This has simplified online payments and opened up the business for service providers such as Trustly. In 2020, it is estimated that 75-80% in North America and the UK are already making online transfers. This segment is expected to grow further.
The PSD2 directive has provided legal certainty for European countries. It has become easier for companies such as Trustly to make online transfers. With the customer's consent, of course.
Further innovations are driving the technology forward. The speed of the transfers and the simplicity of the process make Open banking already increasingly attractive for customers and retailers. Due to the legal basis, the legislator and the secure technology in the background, the turnover of online transfers continues to grow every year.
Security with Trustly
In addition to the points already mentioned, there are other reasons that ensure the security of payment processing. First of all, Trustly promises never to store information relating to a user's personal bank details. This also simplifies any KYC checks and reduces the administrative effort on both sides - merchants and customers.
In addition to the banks' security measures, the Group adheres to the highest existing encryption standards. In addition to international legislation, the Group is monitored by the Swedish Financial Supervisory Authority. It has a PSP (Payment Services Provider) license. Trustly cooperates with merchants, banks and other authorities to prevent fraud.
Fields of application of Trustly
Casino and gambling are among the most widespread areas of application for Trustly. Over a quarter of transactions take place here. This is followed by computer electronics (5.38%), finance (4.67%) and lifestyle (2.69%). The remainder is spread across "other" areas.

Electronic Commerce
The Swedish company for users in the e-commerce sector promises fast and secure payments without limits and transactions. Chargebacks for merchants are minimized. The Swedish company takes responsibility for the entire payment process. In addition, invoices can be simplified, payments planned and paid in installments.
Financial services
In the financial services sector, the company offers reduced administrative expenses, increased customer loyalty and improved acquisition. It works with 6,300 banks, 8,100 merchants and 525 million customers worldwide. Those who become part of this network have access to a huge pool of different players and can penetrate new markets.
Games of chance and video games
The simplicity of the payment process is also impressive in the gambling and video gaming sector. Using Trustly in the online casino works without the need for an app or separate login. The group takes full responsibility for the process. A further Trustly Casino scam is not necessary. With the "Pay N Play" offer in the casino without registration, Trustly goes one step further in terms of anonymity.
Travel
We offer simple, fast and future-proof payment systems for the travel and tourism industry. Registering via Trustly is no longer a necessity. It is very easy to transfer money from A to B. The current report paints a picture of customer sentiment towards travel - a topic that is particularly relevant in times of coronavirus.
Trustly customer service
In addition to the usual FAQ, e-mail and telephone are available as contact points. There are two telephone numbers to choose from: One for Swedish customers and one for English speakers. Trustly is available to its customers from all countries with help and advice and will help you with any concerns.
Conclusion
Trustly initially seems like just another online payment service provider among many. In fact, the Stockholm-based company does a lot of things that other service providers don't do so well. A few points stand out. These include the many fields of application in which the company now operates: E-commerce, Video games and online casinos or tourism. Trustly has been on the upswing since it was founded, and not without reason.

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