What is Pay by Bank and how does Trustly make it work?

Pay by Bank lets you pay merchants directly from your bank account using open banking APIs—no cards needed. Trustly handles the secure connection, verification, and instant transfers for over 120 million users.

Will Pay by Bank replace debit cards in the US?

Not overnight—debit holds 30% share via habit. But with 100 million U.S. users granting access, it could hit 10% by 2028 if security perceptions shift.

Is Pay by Bank safe for everyday purchases?

Yes, often safer—bank-level auth, no stored card data. Studies show 30% of users worry about security, but tools like Trustly ID (biometrics) address it.

💳 Payments & Transfers

Trustly's 120 Million Users: Pay by Bank Quietly Eclipsing Plastic

Everyone figured Pay by Bank would fizzle out against debit loyalty. Trustly just proved them wrong—with 120 million users. Here's why this flips the script on everyday transactions.

Fintech Pulse Apr 07, 2026 4 min read

Read in: Deutsch English Español Français Italiano 日本語 한국어 Português (BR) Русский Türkçe

Trustly milestone graphic showing 120 million global Pay by Bank users on world map

⚡ Key Takeaways

Trustly reaches 120M users, with UK adoption at 1/3 of adults and 34% YoY growth. 𝕏
Pay by Bank bypasses card fees and apps, but faces habit barriers despite low-friction design. 𝕏
Architectural shift via open banking positions it to challenge debit dominance long-term. 𝕏

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Fintech Pulse

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#Open Banking #Pay by Bank #Trustly #digital payments

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Originally reported by PYMNTS

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