• Francesco Simoneschi, Co-Founder & CEO at TrueLayer


• 13.12.2024 01:45 pm
#PayByBank #PaymentRevolution

“This year, we’ve seen a remarkable rise in the adoption of Pay By Bank, with it being embraced by merchants, consumers and regulators.

“Among merchants, e-commerce has been a standout sector. Industry leaders like Ryanair, JustEat, and Lastminute.com have embraced Pay by Bank, underscoring the market’s readiness for change. From our perspective, it's about more than getting our foot in the door – it’s about disrupting the legacy payment systems and offering more choice, more competition and lower costs to both merchants and consumers.

“Consumers have truly embraced Pay by Bank. In the UK alone, Pay by Bank transactions have tripled over the past three years, reaching 21 million in 2024. TrueLayer itself has more than 9 million customers, with a new customer joining every 3 seconds. Since partnering with JustEat in October, we've processed nearly a million sales, demonstrating the growing preference for better payment solutions.

“Regulators are also supporting the shift towards Pay by Bank. The UK Government’s National Payments Vision aims to make account-to-account payments ubiquitous across the country.

“This collective shift among merchants, consumers and regulators reflects the growing demand for better payment solutions. It’s clear that Pay by Bank is no longer just an alternative to card payments – it’s a revolution in reducing the cost of payments. The removal of exorbitant fees puts money back in the pocket of merchants and consumers alike.”

Predictions for 2025:

“As we head into 2025, it feels like the payments industry is on the brink of transformative change and there are two major forces that will shape the future of the payments landscape.

“The first is consumer adoption. Whether it’s the incredible growth of Pix in Brazil or UPI in India, or the rapid growth we’re seeing here in the UK and EU, the global trend is clear: consumers want the simplicity and security of account-to-account payments and are shifting behaviours to embrace it.

“The second force is the “Battle of the Checkout”. Merchants are increasingly seeking alternatives to traditional card networks, pushing back against the Visa and Mastercard duopoly. Solutions like Pay by Bank are stepping up, offering payments that are faster, more secure and more reliable. So, 2025 will be a battle for checkout share among Pay by Bank, BNPL, Card payment schemes and others. Expect to see a dogfight that brings long overdue innovation and pricing competition to consumers and merchants.”