22 Jun - 2015
(London) Monday 22 June: Trustly, the online payments provider, announced at this year’s Digital Travel Summit that the fintech company’s payment innovation has resulted in massive savings for online travel companies.
Since its implementation with Logitravel, one of Europe’s largest online travel booking websites, Trustly’s service led to a double digit increase in conversion rate, narrowing shopper dropout levels, and an almost immediately constituted over 40% of all transactions*
Recent figures reveal that on average 83% of online shoppers abandon their bookings prematurely, with 21% doing so when asked for payment details. Consumers are often frustrated by technical issues and complicated traditional payment services involving the completion of various steps and cumbersome details. By addressing these complaints through smart and intuitive innovation, Trustly has made it easier for customers to pay, reducing the risk of lost revenue.
With Trustly’s services, there is little or no risk of chargeback, it is adapted to all devices, offers excellent security and covers approximately 90% of banks in the market, where available. The consumer also enjoys the flexibility in paying from any bank account, like their savings account, which increases the relevance for the travel industry with very high average order values.
Yago Casasnovas, Head of Payments and fraud of Logitravel commented: “Customers in the digital travel booking space have become increasingly vocal about the need to revamp booking services, with sites needing to be both faster and simpler to use. New and disruptive payment services play a key role in customer retention by simplifying their experience on all digital platforms. Companies like Trustly are revolutionizing the industry and provide firms like Logitravel with a secure and efficient way to deal with client payments, while capturing otherwise lost revenue.”
Octavio Soler Bach, Trustly’s Spanish Country Manager, presenting at the Digital Travel Summit, London 2015, commented that: “The bank account is the hub for all payment solutions, but consumers have previously been faced with limited options as to how to spend their money, whether it’s through card companies and other traditional payment ‘middlemen.’ Trustly strips the service down to basics, offering a simple and secure way to transfer money from one bank account to another. We are excited to be able to offer Trustly’s service in 8 countries with further expansion across major European markets in the coming year.”
*in Finland (correction from first published press release)
Christina Clark +44 (0) 20 7074 1864
Daniel Holgersson +44 (0) 20 7074 1840
Trustly Group develops secure, simple and cost efficient online banking e-payments solutions on the internet and mobile devices. Trustly’s solutions attract global customers in three segments: online marketplaces, e-commerce and online gaming. Trustly was in 2014 ranked as one of Sweden's fastest growing technology companies on the Deloitte Sweden Technology Fast 50 list. Trustly has approximately 70 employees and is headquartered in Stockholm, Sweden. Trustly is a licensed Payment Institution under the supervision of the Swedish Financial Supervisory Authority.
Read more at www.trustly.com
Trustly Group AB (corporate identity number 556754-8655) is an authorized Swedish payment institution under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen). The company conducts payment services in accordance with the Payment Services Act (2010:751) and can provide cross-border payment services within the EU/EEA.