Trustly launches Payment services in Australia and Canada

Trustly has recently announced that it is set to launch in Australia, marking the firm’s entry into the Asia-Pacific (APAC) region for the first time. They have also confirmed a launch in Canada, furthering their reach in North America. These are both big steps in Trustly’s desire to ‘develop a global online banking payments network.’

However, If Trustly’s BankID Pay n Play system wants to succeed in the region, it will need to establish itself amongst other popular payment options like Visa, Mastercard, and cryptocurrencies.

This new expansion means that the Stockholm-based Fintech firm is now operational across multiple continents with 500 members of staff operating in Europe, The USA, Canada, and Australia with some staff also based in Latin America to manage the integration of Trustly live services.

Discussing the decision, Trustly CEO Oscar Berglund stated that:

Expansion into both Australia and Canada is a major milestone in our ambitions to build a global Online Banking Payments network. They are both large markets with great potential and we already see high demand from merchants that are looking for Open Banking solutions and a compelling alternative to card payments.

Currently, Trustly is a licensed payment institution under the second payment services directive (PSD2) and operates under the supervision of the Swedish Financial Supervisory Authority in Europe. In the U.S, the firm is state-regulated as required to serve its target markets.

This massive new expansion is hardly surprising considering Trustly’s recent $1bn investment from U.S. giant BlackRock. Trustly currently provides support to over 6000 banks and has 600m customers – a figure sure to rise further in light of this latest announcement. Not only working in the field of iGaming Trustly is also operational in the fields of e-commerce, financial services, media, telecoms, and travel.

The iGaming market in Australia & Canada

Currently, the Australian market is incredibly competitive and highly lucrative for iGaming and online casinos. Research shows that the most popular website used for gambling purposes is the Irish-owned firm Sportsbet. Other popular sites include UBET and Ladbrokes. While a majority of online gamblers in Australia still enjoy more traditional sports wagering, other fields of gambling such as Esports betting and live events betting are gaining popularity.

Recent figures have also indicated that the COVID-19 pandemic has caused a 67% rise in the number of Australians participating in online gambling. If this figure is maintained for the rest of the year it would result in an additional $2 billion for the industry.

Similarly to Australia, the Canadian online casino industry is also experiencing a period of rapid growth. The Canadian online gaming industry generates an estimated $31 billion in gross revenue per year, with $14 billion per year in purchased services.

This is partly because Canada’s gambling laws are far more relaxed than they are across the border in the USA. Couple that with enhancements to internet reliability as well as the rise of mobile apps and it is hardly surprising that the industry is seeing such massive growth.