Verizon and Trustly Bring Pay-by-Bank to Retail Stores
Verizon and Trustly are partnering to offer pay-by-bank options in Verizon's retail stores. Customers can now buy devices, upgrades, and accessories directly from their bank accounts.
For years, Verizon has been using pay by bank and open banking, letting customers pay their wireless or internet bills one time or, more often, by enrolling in autopay through Trustly's pay by bank.
What is Trustly?
Trustly is a Swedish financial technology (fintech) company founded in 2008 that specializes in open banking payment solutions.
Essentially, Trustly allows consumers to make online payments directly from their bank accounts, providing an alternative to traditional card-based payment systems.
Trustly and Verizon even worked together to design a user experience that makes it easy for customers to pick their bank, sign in, and complete payments.
Filing the “Pay by Bank” Gap
"Pay-by-bank adoption has really sped up in the last few years," Kerrie Larpenter, Trustly's Director of Enterprise Customer Success noted. "Many consumers use open banking solutions without even realizing it, but there's still a gap in awareness for everyday transactions.
Adding pay by bank in a retail setting offers a trusted, secure environment. When we designed the retail customer experience, we worked closely with Verizon, leveraging the success we saw with our bill pay solution.”, Larpenter continued.
For Trustly, this collaboration with Verizon is a big step in bringing pay by bank from eCommerce into physical retail. Pay by bank's appeal—along with its discounts and incentives—is especially attractive to Generation Z and millennial consumers because it aligns with responsible budgeting.
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