Banking service Trustly teams up with Virgin Media O2 for a new 'Pay by Bank' cooperation
The partnership between Trustly, a global leader in Pay by Bank solutions, and Virgin Media O2 (VMO2), a prominent UK telecommunications company, marks a significant development in the UK Open Banking and digital payment landscape. This collaboration aims to revolutionize payments with advanced Pay by Bank solutions, offering VMO2 customers direct debit account automation and seamless one-off Pay by Bank payments [1][2][4].
Key Impacts of this Partnership
Acceleration of Pay by Bank Adoption
The integration of Trustly’s technology supports the UK government’s vision to accelerate account-to-account payments, enhancing the adoption of pay-by-bank solutions among consumers and businesses. This is evidenced by rising usage statistics, such as the 31 million open banking payments in the UK in March 2025 [2].
Customer Experience Enhancement
The partnership simplifies and secures payment processes, providing a faster and more seamless experience. Direct debit automation reduces friction in signing up for VMO2 services, while pay-by-bank payments eliminate additional authentication steps, potentially rivaling digital wallets like Apple Pay [1][2].
Market Innovation and Leadership
VMO2 asserts itself at the forefront of eCommerce innovation in payment solutions by being an early investor in Open Banking and leveraging Trustly’s capabilities. This helps maintain its competitive edge in the UK’s telecom and digital services market [1][2].
Broader Open Banking Ecosystem Growth
The partnership reflects the broadening use of Open Banking beyond financial services into sectors like telecommunications and eCommerce, promoting wider industry adoption and consumer familiarity with direct account-based payments [2].
Additional Developments
The partnership also aligns with concurrent sector moves, such as Virgin Media O2’s recent merger with Daisy Group to form O2 Daisy, aiming to broaden their service offerings to businesses and emphasize digital and network innovation, which could further expand the impact of Trustly’s payment solutions in the business telecom segment [3].
In summary, the Trustly and Virgin Media O2 partnership is a catalyst for advancing UK Open Banking through practical, customer-centric Pay by Bank solutions, enhancing digital payment convenience and security while supporting governmental and industry efforts to mainstream account-to-account payments [1][2][4].
References
- Virgin Media O2 and Trustly Partner to Simplify Payments and Onboarding for Customers
- Trustly and Virgin Media O2 Partner to Revolutionize Payments in the UK
- Virgin Media O2 and Daisy Group Merge to Create O2 Daisy
- Virgin Media O2 Launches Direct Debit Account Automation Pilot
- The collaboration between Trustly and Virgin Media O2 (VMO2) signifies a strategic move that exemplifies commitment to innovation and growth in the global payments landscape.
- This partnership is expected to stimulate the adoption of Open Banking and direct account-based payments, especially in the UK, as demonstrated by the rising usage statistics.
- The integration of Trustly's technology in VMO2's services promises to improve the customer experience, offering a more secure and seamless payment process.
- By partnering with Trustly, VMO2 is positioning itself as a pioneer in eCommerce innovation, leveraging technology to maintain its competitive edge in the UK's telecom and digital services market.
- The partnership could potentially open new opportunities for Trustly's payment solutions, especially in the business telecom segment, given VMO2's recent merger with Daisy Group to form O2 Daisy.
- The overall impact of this partnership is expected to catalyze advancements in Open Banking and Pay by Bank solutions, contributing to the mainstream adoption of account-to-account payments while prioritizing customer convenience and security.
