Swedish Trustly and Wizz Air Take Airline Payments to the Next Step
February 3, 2023 Tony ChristopherTrustly partners with Wizz Air to offer travellers in five European countries the option to pay for flights directly from their bank accounts. The partnership allows Wizz Air to benefit from Trustly’s fast settlement and instant refund service while also demonstrating the airline’s commitment to innovation and open banking adoption in Europe.
Swedish Trustly has been known for bringing innovation and simplicity to the lives of its users, enabling them to engage in online activities in a safe matter. With the help of open banking solutions such as Trustly, payments for online shopping, donating, and gambling become much safer.
Why Swedish Trustly – Some Background Info
Users with Trustly accounts enjoy lower maintenance fees and flexible limits. Additionally, they get faster transaction processing times, as payments can be made in real-time directly from the user’s bank account. This can be especially useful when users shop online or if they use each online casino for Swedish players, as they’d want to access their winnings as quickly as possible.
Aside from casinos with Trustly, the provider serves over 8100 merchants in over 30 countries, connecting them with 525 million consumers and 6300 banks. In 2021, the company processed a staggering $28 billion transaction volume across its global network. In 2024, Swedish Trustly has become one of the most successful providers.
The Trustly and Wizz Air Partnership into Details
Trustly teams up with Wizz Air, the Hungarian low-cost airline, to offer a new payment option for its customers in Denmark, Finland, Norway, Sweden, and the UK. The partnership will allow travellers to pay for flights directly from their bank accounts, benefiting from Trustly’s fast settlement and instant refund service.
- The integration of Trustly via Adyen is happening at a time when open banking adoption is increasing in Europe.
- This demonstrates Wizz Air’s commitment to innovation.
- According to Simon Eve, head of travel at Trustly, 71% of airlines are now exploring implementing account-to-account payment options in response to the revised Payment Services Directive (PSD2).
- Wizz Air is the first airline to partner with an open banking provider.
Viktor Mura, head of tax, treasury, and investor relations at Wizz Air, said that Trustly was the obvious choice for the airline due to its low-cost, simple, and secure payment system. The long-term partnership will allow Wizz Air to further strengthen its low-cost value proposition, revolutionizing airline payment systems.
What is Open Banking?
Open banking allows you to share your financial account data with other service providers to access innovative financial services. Before open banking, only you and your bank could access your financial data. Now, you can share that data with another institution or third party, enabling you to handle your data yourself. These third-party providers can include fintech services, currency exchanges, merchants, and other digital platforms.
About Trustly: A Global Leader in Open Banking Payments
Trustly is a digital account-to-account platform that was founded in 2008. It offers a faster, more straightforward, and safer way to make payments by connecting merchants and consumers directly through their online banking accounts. Trustly is regulated by the Swedish Financial Supervisory Authority in Europe, which is one of the reasons it’s available in most open banking casinos.
In May 2022, Trustly announced the acquisition of UK-based open banking payments platform Ecospend. With this acquisition, Trustly and Ecospend became the UK’s number one open banking payments company. In the past year, over 5% of UK-banked adults have made open banking payments through either Trustly or Ecospend, more than any other provider.
Frequently Asked Questions
At the end of our article about the Swedish Trustly partnership with Wizz Air, we’d like to introduce you to our very detailed and informative FAQ section. Please read it to avoid any misunderstandings regarding the Trustly and Wizz Air airline payments partnership.
1️⃣ Does Wizz Air support payments via Trustly?
As one of the best low-cost airlines in the world, Wizz Air made a recent partnership with Swedish Trustly. The airline and the open banking payment provider made a huge step in ensuring the comfort of travellers from Sweden, the UK, and around the globe.
2️⃣ How many Swedish merchants support Trustly?
Given that act that over 8100 merchants in 30 countries use Trustly, it is impossible to give a specific answer to this question. There are many reasons about Trustly that make Swedish merchants participate in its ecosystem. The most common ones are online retailers, airlines, NGOs, and online casinos.
3️⃣ What does the Wizz Air and Swedish Trustly partnership mean?
The Hungarian low-cost airline Wizz Air aimed to create a new payment option for its customers in Denmark, Finland, Norway, Sweden, and the UK. The Wizz Air and Trustly partnership will allow travellers to pay for flights directly from their bank accounts.
4️⃣ What is open banking?
There are numerous advantages that helped make open banking so popular around the world. One of them is the fact that people can handle their personal financial data by themselves, without the big fees that conventional banks charge, and with faster transfers as a plus.
5️⃣ Why did Wizz Air decide to partner with Swedish Trustly?
Wizz Air has always aimed to be a trendsetter in the world of low-cost airlines, technology, and business simultaneously. Therefore, the partnership with Swedish Trustly shouldn't be as surprising as it is. This collaboration will make payments to airlines more secure and convenient than ever.
