Trustly introduces new solution to expand Europe's subscription economy

Thursday 13 June 2024 08:46 CET | News

Open Banking payments provider Trustly has announced the launch of an AI-enabled recurring payment solution to improve the European subscription economy. 

In a bid to simplify subscription payments, reduce complexity, and minimise fraud and payment failures, Trustly introduced a new AI-powered recurring payment service. Through this, the company intends to enhance how merchants manage repeat transactions via a single integration. The newly launched technology is set to allow businesses to accept recurring transactions directly from customers’ bank accounts, thus eliminating the limitations posed by traditional payment methods.

Trustly has announced the launch of an AI-enabled recurring payment solution to improve the European subscription economy.

In addition, the recurring payment solution aims to address the involuntary complexity rates and payment failures that affect the repeat economy, enabling businesses to expand their revenue streams.

More information about Trustly’s solution

With the launch of the new solution, Trustly intends to tap the growing subscription market, which is expected to reach nearly USD 1.5 trillion by 2025, providing additional opportunities compared to traditional direct debit or card setups leveraged by a large number of individuals across Europe. The company’s recurring payment solution is set to mitigate the issues that can come with legacy methods under high demand and diverse consumer needs. With the automation of the payment process, Trustly focuses on reducing the abandonment rate at checkout, where many users find payment setups rather problematic.

Moreover, by launching the new solution, the company aims to expand upon the capabilities of Trustly Azura, its proprietary data engine, which works on improving signup processes, security measures, and fund collection efficiency. By merging direct debit, Account-to-Account (A2A) transfers, and Trustly’s Azura engine, the recurring payment solution plans to offer an enhanced user experience, with customers receiving convenience, security, and reliability, whilst optimising user acquisition and satisfaction across Europe. Trustly underlined its commitment to continuing to leverage data to increase conversion and retention rates.

The press release also mentions that Trustly Recurring Payments is a pan-European solution that integrates local expertise and is available via a single API from one platform. The solution is set to extend customer lifetime value by supporting simplified recurring payment plans for multiple services, including TV streaming, and utilises verified user data to assist with long-term loyalty. Also, the acquisition of SlimPay in August 2023 enables Trustly’s technology to predict the optimal times for payment success, thus removing the difficulties associated with insufficient funds. In addition, the company’s recurring payment solution is equipped with fraud prevention measures, such as biometric authorisation and verified payment credentials, which further ensure the security of transactions.

Furthermore, Trustly Recurring Payment is currently available in France, the Netherlands, Italy, Germany, the UK, Spain, and Sweden.

For more information about Trustly, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: product launch, recurring payments, online security, account-to-account payment, bank account
Categories: Payments & Commerce
Companies: Trustly
Countries: Europe
This article is part of category

Payments & Commerce


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