Online banking payment providers Trustly and PayWithMyBank announced that they would merge their operations as a consolidation wave sweeps through the payments sector.
The deal will result in the formation of a transatlantic payment network with over 600 million consumers across Europe and the United States who will be able to pay directly from their bank accounts instead of using credit cards.
As for PayWithMyBank, it is based in the Silicon Valley and provides online banking payment alternatives to credit cards to customers based in the US.
The merger between Trustly and PayWithMyBank aims to address the needs of merchants to “have an alternative to the card networks and accept online payments directly from consumers’ bank accounts.”
This payment method has now begun emerging in the US as a compelling new alternative to credit cards.
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