⚡️EU: Stripe🇺🇸 expands its Pay by Bank service options in France🇫🇷 and Germany🇩🇪

⚡️EU: Stripe🇺🇸 expands its Pay by Bank service options in France🇫🇷 and Germany🇩🇪

Open banking is gaining momentum across Europe.

In response, Stripe has partnered with UK-based platform TrueLayer🇬🇧(formerly Finport), a specialist in the open banking space.

➡️ The service: Pay by Bank enables consumers to authorize payments directly from their bank accounts, typically through biometric authentication. It removes the need to enter card details and, according to Stripe, lowers transaction costs by bypassing traditional payment networks.

➡️ Merchants in France and Germany have already begun integrating Pay by Bank. One example is the airline Ryanair, which now offers this feature at its checkout points.

➡️ Fact: Currently, TrueLayer processes around 2 billion euros worth of Pay by Bank payments annually in France and 1.4 billion euros in Germany.

➡️Context: By 2028, the volume of bank-to-bank transactions in the European Union is expected to reach 30 billion.

#news #Europe

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