Fashion company Bonprix will implement Trustly’s account-to-account (A2A) payment solution in Finland, Sweden and Norway.
With this solution, which will be implemented in collaboration with omnichannel payment service provider Computop, Bonprix aims to offer a simpler payment experience and reduce the number of abandoned purchases, the companies said in a Thursday (June 12) press release.
“Trustly’s A2A payments make the payment process more seamless and secure for users, which also leads to a better conversion rate for us,” Birgit Jabobsen, senior manager, payment and accounting at Bonprix, said in the release.
Trustly’s A2A payments eliminate the need for card purchases by enabling transactions to be completed directly from the user’s bank account, according to the release.
The company enables direct payments in more than 33 countries, per the release.
“By offering a fast and smooth payment solution, we can contribute to a better user experience and increased conversion for merchants,” Trustly CEO Johan Tjärnberg said in the release.
Thirty-nine percent of current users of pay by bank are especially pleased with its ease of use, according to the PYMNTS Intelligence and Trustly collaboration, “What Consumers Need for Pay by Bank to Catch On.”
The report also found that 20% of consumers who are resistant to using pay by bank are aware that ease of use is a potential benefit.
For merchants, part of the appeal of pay by bank is that they can save roughly 1.5% that they pay on the cost of payment processing, Trustly Inc. founder and CEO Alexandre Gonthier told PYMNTS CEO Karen Webster in an interview posted in February.
“Open banking gives us granular visibility into a consumer’s risk profile, and that gives us the ability to compress the pricing that merchants are charged,” Gonthier said.
In some other recently announced collaborations, Trustly teamed up with Verizon to bring pay by bank to the telecom giant’s brick-and-mortar stores, with Point & Pay to enable single sign-on with banks when paying government obligations, and with Sabre Direct Pay to boost pay by bank in the travel sector.
Attie Muse, senior director of payment strategy and operations at Verizon, told PYMNTS: “We deployed pay by bank for bill pay to ultimately reduce the cost of payment acceptance.”
