This integration enables Stripe merchants operating in the United Kingdom and the European Union to offer TrueLayer as a payment method to their customers. The Stripe Payment Element is a user interface component that can be embedded on checkout pages and is utilised by numerous merchants worldwide. It facilitates the display of relevant payment options for customers and the collection of necessary transaction information.
This development allows merchants to seamlessly incorporate TrueLayer's Open Banking payment option into the Stripe checkout process. In essence, Stripe users now have the option to choose secure Open Banking payments as an alternative to conventional card payments, which often incur high interchange fees.
When consumers opt for Open Banking payments during checkout, they are redirected to TrueLayer's payment page. Here, they securely confirm their payment either through their banking app or online banking platform. TrueLayer's payment page streamlines the process for businesses to accept instant bank payments without the need to establish or maintain their payment gateway.
TrueLayer's Payments product is currently available in the United Kingdom and the European Union, supporting Open Banking payments in GBP and EUR across 21 countries, including markets such as France, Spain, and Germany. Furthermore, merchants can issue instant refunds to customers using TrueLayer's Payments API, addressing a pressing concern in ecommerce, as indicated by a recent report by TrueLayer named the Payment Experience Playbook, which revealed that 64% of ecommerce shoppers expect refunds within an hour.
The Stripe integration comes in the wake of notable achievements in Open Banking payments, with over 11 million monthly such payments recorded in the UK in July 2023, marking a doubling of year-on-year figures according to openbanking.co.uk.
Representatives from TrueLayer expressed that the availability of TrueLayer through Stripe's UI represents a significant step forward in the realm of Open Banking payments. It simplifies access to bank payments for merchants within the Stripe checkout process and offers a secure online shopping experience for consumers. They also emphasised that this achievement is just the beginning of TrueLayer's endeavours in the ecommerce sector, where speed, security, and card fees remain significant challenges for merchants across Europe.
TrueLayer is an Open Banking payments network in Europe, specialising in combining real-time bank payments with financial and identity data to enable smarter, safer, and faster online payments. The company's products are employed by businesses of all sizes to facilitate user onboarding, money acceptance, and quick payouts on a large scale. Operating across 21 countries, TrueLayer aims to revolutionise the global payment landscape.
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