TrueLayer, the European Pay by Bank provider, has revealed its consumer network has surpassed 10 million active users, with a new user now joining every three seconds.
In the UK alone, Pay by Bank transactions have more than tripled over the past three years, reaching 23 million monthly payments in 2024. Consumers appear to be increasingly choosing to Pay by Bank because it eliminates the need for card details, reduces the risk of fraud and provides instant payment confirmation. By bypassing traditional card networks, customers and merchants can both avoid unnecessary fees, while enjoying instant payment confirmation.
This rapid growth highlights the accelerating demand for seamless, secure and cost-effective digital payments, with TrueLayer’s Pay by Bank solution leading the charge.
To date, TrueLayer has processed over $72billion in payments and currently processes over 40 per cent of all UK Pay by Bank transactions, making it the largest Pay by Bank network in the UK.
Francesco Simoneschi, co-founder and CEO of TrueLayer, said: “The past few months have been a tipping point for the adoption of Pay by Bank, with rapid growth from both merchants and consumers, particularly within e-commerce.
“With 10 million consumers in our network, even more merchants are eager to add Pay by Bank to their checkout, meaning more consumers will experience the benefits. There’s a powerful multiplier effect happening here – one that we believe will revolutionise the payments industry.
“We also plan to further accelerate the adoption of Pay by Bank by introducing new consumer functionalities, expanding use cases and solving pain points that merchants are experiencing with other payment methods. We look forward to announcing more on that later this year.”
E-commerce and merchant adoption
The e-commerce sector is a key driver of this Pay by Bank growth and adoption. In the past year, TrueLayer has experienced a five times increase in e-commerce transaction volume, with some of Europe’s most successful brands, including Ryanair, JustEat and Lastminute.com, integrating the TrueLayer Pay by Bank solution into their checkouts.
For merchants, this means lower transaction fees, fewer chargebacks, reduced fraud risk and improved cash flow, as Pay by Bank payments settle quickly and directly, giving merchants instant access to funds.
Consumers within the TrueLayer user network also convert at 10 per cent higher rates than standard first-time users. By removing friction from the checkout, the seamless and personalised payment experience boosts order values by up to 20 per cent and achieves a 90 per cent conversion rate.
