Virgin Media O2 has announced a new partnership with Trustly, a leading provider of account-to-account payment services. The agreement, which was announced on 23 July, will bring automated direct debits and one-off account payments to millions of Virgin Media O2 customers.
The partnership will see Trustly’s technology integrated into Virgin Media O2’s payment systems in the coming months. This will enable users to set up direct debit accounts through Pay by Bank, a service that uses Open Banking infrastructure to securely and quickly connect bank accounts.
Virgin Media O2 was the first UK telecommunications provider to invest in Open Banking. The company launched a pilot scheme for direct debit automation in 2023, which saw over 60 percent uptake among eligible users. In 2024, the company introduced digital wallets for recurring contract payments, the first service of its kind in the sector.
According to industry data, there are currently 13.3 million active Open Banking users in the UK, with one in five consumers and businesses using account-to-account payment services. Trustly, which already works with major UK organizations such as Hargreaves Lansdown and HMRC, will now expand its focus on the UK market with this new partnership.
Christian Hindennach, Chief Commercial Officer at Virgin Media O2, stated that the company is constantly working to improve customer experience by rolling out new products and services. The partnership with Trustly will provide customers with faster and more secure payment options. Johan Tjärnberg, Group CEO at Trustly, added that the collaboration will not only strengthen Virgin Media O2’s digital payment infrastructure, but also support the wider adoption of Open Banking payments.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.