Stripe has recently announced that its Pay by Bank service will soon be available in France and Germany, signaling an expansion of its partnership with TrueLayer.
Following the successful launch of this service in the United Kingdom, where it has been embraced by multiple merchants, Stripe is now expanding into new territories.
This payment option enables customers to authorize purchases directly from their bank accounts, often using biometric authentication. By skipping the step of entering card details, this method reportedly reduces transaction costs and bypasses traditional card networks.
Built on TrueLayer’s Open Banking infrastructure, Pay by Bank connects with a wide range of European bank accounts. French and German businesses using Stripe can soon integrate it through the platform.
Enhancing Adoption and Market Reach
Consumer adoption of Pay by Bank has increased in both France and Germany, with companies like Ryanair having integrated it at checkout. TrueLayer handles approximately EUR 2 billion in transactions annually in France and EUR 1.4 billion in Germany.
TrueLayer officials report that the company processes roughly 60% of such transactions in France and around 30% in Germany, highlighting its significant market share.
Data from TrueLayer suggests that businesses using Pay by Bank have seen an average increase of about 42% in completed transactions compared to other payment methods. This growth aligns with projections predicting EU-wide Pay by Bank transaction volumes to reach 30 billion by 2028.
According to Stripe officials, French and German businesses adopting this payment method can potentially reduce processing fees, benefit from near-instant payment settlements, and leverage secure authentication mechanisms provided by banks. Integration into Stripe is straightforward and available for all users operating in these markets.
A TrueLayer representative noted that extending the collaboration to France and Germany aims to make direct account payments more accessible, emphasizing the security and speed benefits of Open Banking transactions.