Virgin Media O2, a leading UK telecommunications provider, has recently announced a partnership with Trustly, a leading European payments company, to introduce Pay by Bank services to its millions of customers. This collaboration, announced on July 23, will bring a major change to the way customers handle payments and sign-ups through Virgin Media O2’s digital channels.
The agreement will see Trustly’s innovative technology integrated into Virgin Media O2’s payment systems in the coming months. This will enable customers to set up direct debit accounts through Pay by Bank and make one-off payments directly from their bank accounts. The process utilizes Open Banking infrastructure, ensuring secure and efficient transactions.
Virgin Media O2 has been at the forefront of investing in Open Banking technology in the UK. In 2023, the company launched a pilot scheme for direct debit automation, which saw an impressive 60% uptake among eligible users. This was followed by the introduction of digital wallets for recurring contract payments in 2024, making Virgin Media O2 the first telecommunications provider to offer this service.
According to industry data, there are currently 13.3 million active Open Banking users in the UK, with one in five consumers and businesses utilizing account-to-account payment services. Trustly has already established successful partnerships with major UK organizations, such as Hargreaves Lansdown and HMRC. The agreement with Virgin Media O2 marks an expanded focus on the UK market, where adoption of Pay by Bank methods is rapidly growing.
Christian Hindennach, Chief Commercial Officer at Virgin Media O2, expressed the company’s commitment to enhancing customer experience by rolling out new products and services. With the partnership with Trustly, customers can now enjoy faster and more secure payment options. Johan Tjärnberg, Group CEO at Trustly, also commented on the collaboration, stating that it will strengthen Virgin Media O2’s digital payment infrastructure and promote wider adoption of Open Banking payments.
This news release was distributed by https://pressat.co.uk/.
