TrueLayer, one of Europe’s largest open banking payments network has formed a partnership with Ryanair, Europe’s largest airline group. This collaboration is now live and represents a major milestone for both companies.
Ryanair customers can now use Pay by Bank when booking flights, offering a fast, secure and seamless payment experience. It comes as TrueLayer continues to expand within the ecommerce sector, having also recently gone live on some of Europe’s largest ecommerce sites such as brands such as Just Eat Takeaway and Lastminute.com.
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Pay by Bank is also cheaper for merchants, meaning Ryanair can save millions of pounds if customers Pay by Bank instead of via traditional card payments
The addition of Pay by Bank also enhances checkout reliance. This proved invaluable during the CrowdStrike outage, which left travel operators unable to process card payments and caused global losses of over £4bn. Meanwhile, merchants offering Pay by Bank continued receiving payments seamlessly.
Open banking payments adoption is rapidly growing, UK Pay by Bank payments have tripled, to 21 million in the past 2 years. The UK Government also recently outlined its ambition to make this form of payment ubiquitous in the UK.
TrueLayer CEO Francesco Simoneschi, said on his LinkedIn page: “You can now Pay by Bank with Europe’s largest airline, Ryanair, Europe’s Favourite Airline, powered by TrueLayer! This is a major milestone for Pay by Bank in the ecommerce space, and brings us closer to Pay by Bank becoming a ubiquitous payment method, as envisioned in the National Payments Vision. A huge thank you to the amazing Ryanair team for their partnership in making this happen. It’s clear why Ryanair is a global success story, given how quickly they embrace innovation that benefits their customers.”
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