Europe Open Banking Paytech

Trilo Powers Its First-Ever POS Open Banking Payment

Trilo has powered its first-ever Point of Sale (POS) payment using Open Banking at Naama Studios, a tattoo removal studio. The customer simply has to scan a QR code in order to make a £170 payment. In return for using Trilo, the customer also had a 1% donation made to the UK-based charity, Forward Trust, on their behalf. With this landmark payment, merchants across the UK can now offer their customers the chance to pay directly from their bank account by simply scanning a QR code.

Trilo brings Open Banking to the wider retail market, enabling both online and POS payments through one network. Trilo has removed transaction fees entirely, replacing them with a scalable subscription based on the number of monthly active customers. Unlocking revenue otherwise held in card fees enables merchants to now further invest in their business and their customers.

Trilo focuses on consumers, enabling mobile-based payments with no app needed, while consumers earn a reward, the Boost, every time. With the Trilo Boost, Trilo empowers merchants to reward their customers every time they pay. This helps convert consumers away from cards, and gives merchants the ability to improve their customers’ experience which increases sales and retention.

At the heart of Trilo’s values is its ambition to help fix the environment. One of the Boost options offered to merchants and consumers is the possibility to plant a tree for every transaction made. To do this, Trilo has partnered with Eden Projects to reforest the planet, one tree at a time. Trilo also plants a tree for each new merchant that joins the network.

“It’s so significant and exciting to power our first-ever POS Open Banking payment with Trilo, something previously thought not possible! With this, we’re one step closer to helping every merchant and consumer leave cards and card fees behind, and even better-giving consumers a Boost whenever they shop.” said Hamish Blythe, Founder & CEO at Trilo. “Bringing Trilo to life is amazing, and seeing customers and merchants use Trilo, leaving cards behind is incredible. In light of the recent movements by Mastercard to increase their transaction fees, the timing couldn’t be more important to help businesses big and small move to Trilo.”

“Working Trilo will improve our business payment processing and present new opportunities to connect with our customers while rewarding them. The partnership is a natural fit for us given our commitment to using innovative technology throughout all elements of our business, be that to offer our tattoo removal service or process payments,” said Jared, Founding Director at Naama Studios.

Trilo is available across the UK, enabling both online and offline businesses to move away from cards and their associated fees and reward their customers in the process. Working with SMEs and some large retailers to begin with, Trilo will continue rolling out across the UK in 2021, before expanding its sights to Europe in 2022.

Editor’s note: 12/02/2021

This article has been updated to reflect that this payment made via open banking was the first for Trilo using a QR code. However, open banking has been used previously to collect payments by companies such as Nuapay with a NFC chip.

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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