Open Banking
Ciaran O'Malley (Source: Trustly)

Trustly: Open Banking Payments modernise the debit deposit experience

Recently, one of my bank cards expired, which was a first for me. Previously, all my cards had either been lost (my fault) or defrauded. 

Upon receiving my new card, I began thinking about just how outdated cards are. First of all, my old bit of plastic still works. To now have to use a new piece of plastic and throw out the old one doesn’t seem in keeping with the times. 

Secondly, I have had to enter my new card details online a number of times in the past few weeks. Not only is that inconvenient, now those details are floating out there in cyberspace. 

Though I’m sure the merchants I shop with do their best to protect my personal information, there’s nothing to say I won’t be the victim of fraud again (or that I won’t lose the card).

Even if I am able to hold on to this new card, it will inevitably expire. Then, I have to start the whole process over again. 

Trustly Open Banking Payments mitigate all those challenges for debit payments and deposits. Depositing with your phone means no additional plastic. Using biometrics to confirm payments eliminates the need to type out new details and greatly reduces the risk of fraud.

Open Banking Payments – a natural fit for a modern gaming experience

In a recent Trustly survey, on average 64% of consumer respondents in the EU said they prefer to pay with debit over credit. In the UK, that figure jumped to 71%. 

When it comes to depositing with online gaming operators, the British consumer’s preference for debit is a moot point, as using credit cards for gaming has been banned in the UK since 2020. 

However, there is still room to improve the debit payment experience in the UK — lots of room. Open Banking Payments fill that gap, providing a fast, seamless and safe alternative to debit card deposits. 

Even in markets where credit card deposits are permitted, the same argument holds true. Players not only want to use debit, they want the superior debit option that Open Banking provides. 

SCA adds friction to card deposits

As my colleague Vasilije Lekovic recently covered in this article for SBC News, Strong Customer Authentication (SCA) is now required for online payments in the EU and UK. Since SCA has always been a native part of the Trustly deposit flow, the impact of this change has only been positive for Trustly. We have not needed to adjust anything.

Players who are used to depositing with cards now face new, and perhaps unexpected, friction. This could obviously lead to confusion and the abandonment of deposits. 

While SCA compliance may still be a low priority for some merchants, implementation can’t be delayed forever. By offering and promoting Open Banking Payment options such as Trustly, operators can mitigate the risk of churn and introduce players to a new, easier way to deposit. 

Today’s players expect a convenient deposit experience. There is no going back to greater friction.

Biometric 2FA is winning over British players

Our Pay N Play®  solution was the first to provide operators with KYC data via a player’s deposit. Since it hit the market in 2015, this product has revolutionised the player onboarding journey for operators across Europe.

With increased access to biometrics, payments are continuing to merge with digital identity. This improves ease of use while reducing identity fraud. It’s the new frontier — but one we’ve been pioneering at Trustly for some time. 

Open Banking Payments (AKA Online Banking Payments) are already widely preferred in Trustly’s homebase of Sweden, as well as across other markets in Northern Europe. 

As my colleague Liam Colclough covered earlier this year, Open Banking deposits in the UK are skyrocketing. The superior authentication experience is one important reason for this growth. 

Players in the UK now have access to the authentication options that their Nordic neighbours have been using for years. That includes the option to use biometric fingerprint and face ID to perform two-factor authentication (2FA) on their mobile. 

Using their bank app’s biometric 2FA not only provides the fast and simple UX players want, it also increases consumer trust. Even if they are playing on their desktop (rather than their mobile), the Trustly 2FA process is seamless. 

Trustly supports a fluid and intuitive desktop-to-mobile handover, so players can say goodbye to multiple tabs and redirects, allowing operators to ensure an optimal experience.

Open Banking supports greater economic sustainability

Trustly is committed to providing consumers with a more sustainable way to pay, as we found out from the company’s Head of PR earlier this month.

In terms of economic sustainability, when players choose Trustly, they deposit with funds already in their bank account. As a purely debit payment method, Trustly is a secure way to pay that doesn’t contribute to increased consumer indebtedness in society.

Powering the shift to cardless deposits

Across Europe, fees are going up for both credit and debit card payments. In the UK, as Mastercard gains a stronger footprint, scheme fees paid by operators will rise considerably.

In contrast, Trustly delivers more transparent and flexible pricing structures for operators.

On top of rising costs, when you consider the increased friction cards face with SCA, European consumers’ general preference for debit, player’s demand for digital-native experiences and an increasing focus on sustainability,

Trustly is committed to supporting operators in this time of transition. We’re here to help you power the shift to cardless deposits. 

If you’re interested in learning more about Trustly’s solutions for online operators, please get in touch at [email protected].

This article was authored by Ciaran O’Malley (pictured), Vice President of Partnerships at Trustly.

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