Trustly and Zimpler are two FinTech services that are fast changing the gambling landscape. Their developments are thanks to the open banking movement, and players in Finland and Sweden have been the first to benefit the most. However, UK players can still benefit greatly.
The fast industry that these two financial entities will soon become the new normal. And, as Trustly teeters on the edge of floating their company for a massive $9 billion, the changes they’ve ushered in won’t be going anywhere.
However, what exactly are Trustly and Zimpler. And what are the changes?
What is Trustly
Trustly is a payment system that facilitates instant banking transactions at casinos and e-commerce companies across Europe. It launched in 2008 in Sweden, spread to Finland, and has since then become increasingly popular with online gamblers. The singular reason that Trustly exists is to make casino banking as fast and secure as possible.
Using Trustly is easy. Once you’ve downloaded the app and signed up for an account, paying at a casino is just like any other banking method. You go to the cashier’s page of the casino and choose to pay using Trustly. Then you’ll be prompted to select your bank and lot into your account, just as you usually would. You’ll then select the account you want to use and the method of verification. Once verified your payment will be made instantly.
When you want to withdraw, the exact opposite happens. Importantly, as soon as your payment is approved, the transfer to your bank account will be instant too.
In addition to this, Trustly has released a further product: Pay n Play.
Pay n Play allows Finnish and Swedish players to instantly make a casino account without signing up. All they have to do is elect to pay vis Trustly Pay n Play, and Trustly will ensure all personal info is shared with the bank. You never need to create an account.
What is Zimpler
Zimpler is another Swedish FinTech company that operates in the European market, including the UK and Finland. Zimpler was founded 4 years after Trustly in 2012 but has become almost equally popular.
Banking with Zimpler is the same as with Trustly. You go to the cashier, select Zimpler, log in to your bank, verify the transaction (usually via text), and you’re done. The money is in your casino account instantly.
Again, just as with Trustly, the withdrawals to a Zimpler account are also instant as soon as they’ve been processed by a casino or a merchant.
Zimpler falls behind Trustly when it comes to Pay n Play, as they don’t currently have their own ‘sign up’ product.
How Are They Changing the Market?
The most significant way that Trustly and Zimpler are changing the market is by forcing casinos and other operators to focus on speed and data-sharing.
Both companies were set up to improve banking and registration speeds at online casinos. And, since launching, the banking speeds that they’ve been able to achieve have forced casinos and other operators to pay attention.
Along with casinos with fast payouts in Finland, Trustly and Zimpler are accepted across all of Europe. Because of European trends toward open banking, these two companies have pressed an agenda, they’ve shown it can work, and by doing so they’re dictating the future developments of casino banking.
In addition to this Trustly and Zimpler are also setting new precedents with security. Both are methods that require player verification, by mobile phone, when transactions are made. This two-step authentication is a necessity online these days, particularly for organizations that pride themselves on sharing (at high speed) customer IDs and bank data.
Trustly and Zimpler – Competition and Complaints
Occupying the same space has led to rivalry and some conflict between the two organizations.
Toward the end of 2019, Zimpler made a complaint to the Swedish Competition Authority that Trustly was unfairly aiming to secure a monopoly on the Swedish market.
They complained that Trustly has been getting merchants to sign up to exclusivity clauses in contracts so that they couldn’t also work with Zimpler. The effect of this being that Zimpler is unfairly blocked out of a market, and Trustly gains an advantage.
Trustly contest the legitimacy of this complaint, whilst Zimpler claims that they have evidence of this unfair practice – both companies’ CEOs have commented on the issue.
Rivalries and complaints aside, it can’t be questioned that Trustly and Zimpler have significantly contributed to a new type of industry for gambling. The fast industry is here and it won’t be going anywhere.