Trustly, the online banking payments company, announces today a partnership with Alibaba.com, a business-to-business (B2B) e-commerce platform that serves more than 10 million buyers in over 190 countries and regions. Trustly’s payment solution is enabled for Alibaba.com through Trustly’s partner, Ingenico, the leading global payment service provider, and will provide an additional payment method for Alibaba.com’s European buyers. During its initial stage, Alibaba.com will launch Trustly’s bank payments in 16 European markets.1
Online banking payments are one of the fastest-growing payment methods in Europe and are expected to surpass credit and debit cards in popularity for e-commerce purchases by 2024.2 Trustly’s fast, simple and secure online transactions fulfill European’s growing demand for paying directly from their bank account, as opposed to assuming credit. Merchants benefit from receiving real-time confirmation when the payment is completed, and Trustly’s unique refund functionality helps them reduce costs and administrative complexity when dealing with returns.
Oscar Berglund, CEO at Trustly, said: “Alibaba.com is a force to be reckoned with in e-commerce and we are truly delighted to be one of its chosen bank payment providers for its European customers. Through Ingenico, we can help Alibaba.com offer a localized payment mix, which is crucial for converting new customers and improving loyalty and satisfaction among existing ones.”
1 Austria, Belgium, Estonia, Finland, Germany, Ireland, Italy, Latvia, Lithuania, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, UK
2 Ovum, “Instant Payments and the Post-PSD2 Landscape,” 2017.