Can you imagine your life without your phone? In little over a decade, smartphones have become more than just a device in our pockets. Today, they are something closer to a digital extension of ourselves and it’s hard to picture what daily life looked like before we had them.
Smartphones revolutionised our lives
We use our phones for everything from reading the news, meeting friends and taking snaps, to more mundane tasks like calling a taxi or using the calculator feature.
They also enable us to authenticate online payments in a secure and seamless way – writes Ciaran O’Malley, Vice President of Partnerships at Trustly.
Founded in Sweden during the first wave of iPhones hitting major markets between 2007 and 2009, Trustly designs Online Banking Payments that allow customers to shop and pay from their online bank accounts.
We harness the potential and reach of our phones to bring payments up to speed–in line with the rest of the modern world.
We recently added Trustly QR codes to the desktop payment flow. This action empowers people to authenticate their online transactions with their phones even if they are using a desktop.
Together with other popular features like instant refunds, this decoupled mobile authentication method encourages a significant increase in conversion rates.
We found that when online customers are presented with Trustly QR codes, and can use their fingerprint or face to complete the payment, it typically results in a 10% higher conversion rate than a regular desktop payment experience.
All this is possible thanks to Open Banking API specifications that support payment initiation services.
Open Banking recently celebrated three years since it went live in the UK and it enables third parties like Trustly to further enhance our unique account-to-account payments solution in the UK market, giving merchants the possibility to offer online customers a preferred way to pay.
Over 2.5 million UK bank customers now connect their accounts to trusted third parties, up from 1 million in January 2020, according to data from the UK’s Open Banking Implementation Entity, or OBIE.
If you want to offer mobile authentication to your online customers, you can access Trustly through a number of payment service providers and partners like Adyen, Axepta BNP Paribas, Collector Bank, Computop, Ingenico, Qliro, Resurs Bank, Svea Ekonomi, Swedbank Pay, Worldpay and more. If your payment service provider doesn’t think they can offer Trustly, ask if they have PPRO integrated, as they can then seamlessly enable Trustly.
Just as it is difficult to imagine life without a smartphone, I believe we will soon think the same thing about online banking and how hard it was to authenticate payments without them.
Want to know more about how Trustly can help your customers use their phones to authenticate payments? CLICK HERE
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