A Look at Trustly Casinos – Their History and How it Works
Trustly is one of several companies attempting to muscle in on the lucrative but ultra-competitive e-payment market that casinos offer. To be successful as an entrant to the casino market, you have to overcome the current market leader, PayPal, plus several established competitors, such as Neteller and Skrill. And to do this you have to be innovative, plus offer all the qualities that today’s casino players are looking for: the service must be quick, convenient, easy to complete and secure. Preferably free to the casino player (as in no fee or charge for using the service).
Trustly casinos succeed on all these levels. Having said that, it still faces some challenges. Sweden is not generally thought of as a centre of the financial world, but this is where the company was formed, and is still based. Location is not necessarily a problem in the borderless world of online and mobile casinos, but being based in London or New York certainly helps with international publicity, awareness and prestige.
Nevertheless, Trustly was formed in 2008 in Stockholm, where its headquarters remain to this day. The Trustly e-payment service was introduced almost immediately, with several casino sites signing up to accept the new payment service the same year. The launch was a success, and further investment was sought the following year to speed the service’s expansion.
This injection of funds allowed the service to expand beyond its Swedish homeland into wider Scandinavia and continental Europe. This too was a great success. So much so that revenues doubled in 2010 compared with the previous year.
Further expansion followed with the opening of the company’s first overseas office the same year. This was established on the Mediterranean island of Malta, speeding the services development and availability throughout the European continent. The milestone of achieving one million transactions in a single year was also achieved in 2010.
A further injection of capital followed in 2011, enabling the company to develop a second generation platform to aid the expansion of its service further. It was this new platform which truly enabled Trustly to emerge as one of the primary e-payment methods in continental Europe and now accepted at many casinos.
The foundations of success were already in place, but further investment and development were required. This came in 2014 with a further investment of €23 million by capital investment firm, together with some vital strategic partnership deals to enable the service to spread still wider. Strategic agreements were signed with internet discount specialist Groupon and also with leading e-payment rival PayPal to really give the Trustly service that final push to seal its continental expansion. Over ten million transactions were completed that year.
The promotional campaign was so successful that by the end of 2015, the service was available in close to thirty different countries throughout mainland Europe. So rapid had its expansion been that by this point it was responsible for close to two million transactions per month, with over a hundred banks signed up for the service.
The company’s ambitions did not stop there though. The United Kingdom was an untapped market for the company, so in 2016 it made the first move toward realising this potential revenue source. In June of that year it opened its office in central London, bringing in the Head of Global Sales at market leading Worldpay to lead the introduction of the service to the UK.
The following years have indeed seen the Trustly service become more widely available in the United Kingdom, with more and more customers recognising the convenience and reliability of this method of payment when depositing at a casino site. Most of the major UK banks have signed up for the service, so most customers here are able to use Trustly as awareness of its benefits increases.
So how does it work, and just how has it managed to sweep throughout an entire continent within just a single decade? Well, in short, Trustly is an electronic payment method which enables customers to pay directly from their bank account without the need to provide the casino site owner any of your precious financial information. You won’t need to give the casino your bank card number or even your actual bank account details. This is because Trustly acts as a “middle man”, contacting your bank to ensure the funds are available, then passing them on to the casino site itself.
All you have to do is click or tap on the Trustly button or icon when you check out on your casino of choice. You then select your bank and log in with your usual access codes or passwords. Then choose the account you wish to pay from before finally authorising your purchase. And that’s it.
You don’t even need to pre-register for the service. It’s all handled automatically. You can use Trustly on any internet enabled device. It is particularly popular with smartphone casino players because there is so little information required to complete a transaction. Just a few taps and it’s done.
And the less information you have to input the better: there is less likelihood of you being overlooked if you are shopping in public plus you don’t have to faff around searching in your wallet or purse, then looking for numbers on your plastic card while holding your phone in the other hand. The only numbers you need to remember are your usual banking log in details, which most people can remember because they use them all the time. There is no charge to you for using the service either. Trustly make their money from charging the casino owner instead.
So there you have it. Quick, convenient, easy to use, secure and absolutely free: exactly as you required. What’s not to like? Soon Trustly casinos will be as popular in the UK as it is throughout the rest of Europe.
The Trustly company and service is authorised by the Swedish Financial Supervisory Authority and operates under its supervision. It is also licenced for international and cross-border payments within the European Union (EU) and European Economic Area (EEA).