Stripe, the programmable financial services company, has announced the forthcoming rollout of its Pay by Bank product in France and Germany.
The move extends Stripe’s collaboration with open banking platform TrueLayer, following the product’s introduction in the UK, where it has gained traction among merchants and consumers alike.
The Pay by Bank feature allows consumers to authorise payments directly from their bank accounts, typically through biometric authentication, bypassing the need to enter card details.
For businesses in France and Germany, this offers a more streamlined checkout experience, lower transaction fees, and potentially higher conversion rates.
The product relies on TrueLayer’s open banking infrastructure, which connects with banks across Europe.
Adoption of Pay by Bank is on the rise in both countries, with companies such as Ryanair already introducing it to their customers.
Industry projections suggest Pay by Bank payments in the European Union could reach 30 billion by 2028, with Germany and France, Europe’s largest economies, expected to contribute significantly to this growth.
TrueLayer already has an established presence in both France and Germany, which represent its two largest markets outside the UK.
In France, the company handles around €2 billion worth of Pay by Bank transactions annually, while in Germany the figure stands at €1.4 billion.
TrueLayer is responsible for processing approximately 60% of Pay by Bank payments in France and 30% in Germany.
Businesses using the network have reported an average 42% increase in conversion rates.
The Pay by Bank integration will soon be available to all Stripe users in the two countries.
Stripe has stated that businesses can add the feature through its platform with a straightforward setup process.
Commenting on the expansion, Sebastian Vetter, TrueLayer’s Country Manager for Germany, said:
Sebastian Vetter
“Having seen the success of Stripe’s TrueLayer integration in other markets, we are thrilled to bring this innovative payment solution to Germany and France. By leveraging TrueLayer’s open banking infrastructure, we’re enabling German and French businesses to accept payments directly from bank accounts, making transactions faster, safer, and more affordable.”
Featured image credit: TrueLayer