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PayPal Partners with Trustly to Enable Direct Transfers of Funds To Users’ Accounts

Written by on July 2

Trustly, the online banking e-payments solution, announced that it has entered into a strategic partnership with PayPal in Scandinavia to offer PayPal users the opportunity to fund their accounts directly from their online bank. The agreement initially covers Sweden and Denmark.

The partnership means that PayPal users in the covered countries can now smoothly, quickly and securely transfer funds directly from their online bank to their PayPal balance using Trustly’s online banking e-payments solution. The balance can in turn then be used for purchases at merchants that accept PayPal payments as well as free monetary transfers to friends and family around the world. Transferring money from the online bank to a PayPal balance is free to the user and can be made directly from paypal.se

This agreement is the latest step in Trustly’s rapid expansion which has seen the company process more than $2.4billion in payments since 2008. At current levels, Trustly processes over $1billion in payments on an annualised run-rate basis. Trustly currently offers its payment method in seven European countries and plans on expanding to 14 countries by 2015. Currently Trustly covers 43 banks, serving over 50 million customers.

Trustly specializes in online banking e-payments, enabling consumers to pay directly from their online bank. Trustly continues to strengthen its position in e-commerce and currently works with a number of leading e-retailers in Europe.

”PayPal is a valuable partner in Trustly’s efforts to grow in e-commerce. We share the ambition to offer a fast, safe and easy payment solution to e-retailers and consumers alike,” says Stefan Backlund, Head of Marketing & Communication at Trustly. ”Additionally, both Trustly and PayPal support the growing use of mobile e-commerce through user-friendly solutions that work just as well from a computer, cell phone or tablet, whether on the road or at home.”

“PayPal is a valuable partner in Trustly’s efforts to grow in e-commerce. We share the ambition to offer a fast, safe and easy payment solution to e-retailers and consumers alike”

”This is an exciting partnership for PayPal. Along with Trustly, we now create a partnership for the Scandinavian market which enables our users to ’top up’ their PayPal accounts directly from their online bank without compromising security or speed,” said Mårten Barkman, head of PayPal in Scandinavia. ”As more and more Scandinavians are starting to use PayPal for everyday use, including everything from parking and vending machines to national and international e-commerce, we know more people will open their eyes to PayPal as a digital wallet.”

Previously, it has been possible for users to transfer money to their PayPal balance by traditional bank transfer, a process that took two to three days. With the new Trustly integration, the transfer is done immediately. The user no longer has to log on to their online bank account and manually set up a bank transfer payment. Now the integrated solution is available directly on the interface of PayPal.se, and the balance is updated and can be used for purchases or transfers immediately.

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