Sweden-based Open Banking payments provider Trustly has partnered with Sergel to enable the latter to offer a reliable way to manage installment payments. Through the partnership, Sergel’s customers will be able to manage their regular payments and installment plans, therefore avoiding defaults and further indebtedness.

By integrating Trustly’s pay-ins into Sergel’s platform, individuals can digitally sign up for direct debit, paying in installments instead of a block sum. Moreover, manual input is reduced through digital onboarding, while the number of mandates that fail decreases, therefore improving customer experience. Users can manage their debt by paying in installments, paying on time, and reducing costs associated with reminder fees.

Buy Now Pay Later Buy Now Pay Later (BNPL) represents one of the fastest-growing payment methods globally, with approximately 360 million individuals using it in 2022. Compared to 2020, when the global BNPL market was worth USD 87.2 billion, in 2022 the number has reached USD 179.5 billion. The global BNPL market is expected to reach a value of USD 531.53 billion between 2022 and 2025, and by 2027, there are expected 900 million BNPL users across the world. The payment method is mostly used by millennials, with 54% of the group having used BNPL, while only 23% of individuals between the ages of 57 and 75 have used it.

On the other hand, 66% of individuals believe that it is financially risky to use BNPL services, as without a dashboard providing the full picture, debt can accumulate rapidly. According to Deloitte, 34% of those who have used BNPL have delayed one or more payments. More information about Trustly Trustly’s account-to-account digital platform offers secure payments, providing consumers with direct payments to merchants from their online bank accounts.

The company can manage the entire payment journey, introducing an alternative to the traditional card networks. Sergel is not the first company that decided to work with Trustly. Recently, Station Casinos established a partnership with Trustly to support payments for a new NFT marketplace. The company entered the collaboration to serve as the exclusive payment provider for Station Casinos’ newly introduced NFT loyalty marketplace, STN Charms.

At the beginning of August 2023, Coinbase partnered with Trustly to expand its services into Canada. The company is set to offer secure account-to-account payments leveraging its Open Banking Payments services. Coinbase’s customers from Canada are enabled to deposit and withdraw funds directly from their bank accounts to or from their cryptocurrency accounts, using EFT or Interac payment rails.

For more information about Trustly, please check out their detailed profile in our dedicated, industry-specific Company Database. .