Customers using the European airline group, Ryanair, can now make purchases directly from their banks using Pay by Bank, removing the need for debit or credit cards, following a new partnership with open banking payments network, TrueLayer.
When looking to book a flight, customers can now use a more secure and seamless pay by utilising TrueLayer’s open banking services. The announcement comes as the tech’s adoption is on the rise in the UK. In fact, UK Pay by Bank payments have tripled to 21 million in the past two years, according to the open banking website.
In addition to being faster and more secure, Pay by Bank is also much 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. It proved invaluable during the CrowdStrike outage, which left travel operators unable to process card payments and caused global losses of over £4billion. Meanwhile, merchants offering Pay by Bank continued receiving payments seamlessly.
Air travel isn’t the only industry adopting new open banking payment technologies. TrueLayer has also partnered with e-commerce sites JustEat and Lastminute.com, with the former having completed half a million sales since going live in October. In addition to this accomplishment, TrueLayer also gets a new customer every three seconds. The two wins show increased momentum in e-commerce and are major steps toward the ubiquity outlined in the National Payments Vision.
, founder, TrueLayer said: “This is a major milestone for Pay by Bank in the e-commerce 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.”
