Another problem with paying your bank account is that you can’t do it directly from the merchant interface, so you need to take the account number, log in, and pay from your bank. After that, it can take days before the money arrives in the merchant’s account, and linking the payment to the purchase transaction can be resource-intensive.
However, Fintech jammers have been as active as in other archives. When there is demand, supply follows. To solve the problem, several applications and service providers from different countries have emerged that allow users to make online payments directly from their bank accounts. These services are used in several business areas, from telecommunications to travel and gaming. One area of growth has been the gaming sector, which offers both deposits and quick access to profits. For example, Instant Casinos lists many online gaming sites that accept “direct bank” payments.
Here are a few noteworthy services:
Reliably
Founded in 2008, Trustly is a Swedish company with 9 regional offices across Europe and America in addition to its headquarters in Stockholm. The company is licensed by the Swedish Financial Supervisory Authority and the European Service Provider (PSP). Customers do not need to register to use Trustly, and no user information is archived. Trustly works with all Finnish banks; Nordea, Danske Bank, OP, Aktia, S-Bank, etc.
Trustly provides direct payments, transfers and payments between consumer and merchant bank accounts. Trustly’s growth has been explosive; from a few hundred thousand, transactions made through the service rose to about 110 million euros by 2019. The company has 500 employees of 50 different nationalities. Trusty claims to have 6.3,000 connected banks, more than 8,000 merchants and a reach of 525 million consumers.
Euteller
Euteller is a Finnish competitor to the Swedish Trustly. Euteller differs from Trustly by also providing mobile services. Euteller’s recently launched express payment service called Transfer allows users to send and receive money to each other without knowing anything other than the recipient’s phone number. The service works with all major Finnish banks. When using the transfer, the end user no longer needs to confirm the deposit on the online banking website. The deposit is confirmed by the Transfer app that consumers have installed on their mobile phone. A confirmation request is automatically sent as a mobile phone notification. Euteller is a licensed payment institution supervised by the Financial Supervisory Authority.
Euteller was founded in 2007 and had a turnover of EUR 3.5 million and a profit of EUR 1.4 million in 2019.
MobilePay
For 5.8 meter users in Finland, Greenland and Denmark, MobilePay focuses on transferring money from your phone to another person or merchant using only their phone numbers. The company reports that 37% of all transactions made through the app in 2020 were business transactions and that more than 200,000 Nordic stores and online stores accept MobilePay as a method of payment. In 2020, more than 395 million transactions were made through the app, equivalent to users spending € 18 billion. One of the innovative features introduced by the company has been the opportunity to share, for example, a dinner bill with friends. The company was founded by Danske Bank in 2013 and has expanded since then.
There is no doubt that safer money transfer and payment services will emerge and put pressure on traditional brick-and-mortar banks to switch or close down. These direct debit services are also disrupting the credit card business. Digitalisation has made it easier to spend money, and justice has provided many opportunities to earn.
HT
Source: The Nordic Page