Skrill vs Trustly: What are the differences?

Introduction

Skrill and Trustly are two widely used digital payment methods that offer convenience and security to users. While both provide online payment services, there are key differences between the two.

1. Supported Countries: Skrill is available in over 200 countries but may have restricted access in certain regions due to local regulations and partnerships. Trustly, on the other hand, primarily focuses on serving European countries and is less widely available globally.

2. Payment Flow: Skrill operates as an e-wallet where users can store funds and make payments to merchants or individuals. It also provides a prepaid Mastercard for easier access to funds. Trustly, however, acts as a direct payment service provider, facilitating instant bank transfers between users and merchants without the need for an intermediary account or e-wallet.

3. Transaction Fees: Skrill charges various fees based on the type of transaction, including deposit, withdrawal, and currency conversion fees. Trustly, on the other hand, is usually free for users, with merchants bearing the transaction fees for receiving payments.

4. Payment Speed: Skrill transactions can take time to process, especially for withdrawals, which may require several business days for funds to be transferred to a bank account. Trustly, on the other hand, offers instant bank transfers, providing users with immediate access to transferred funds.

5. Integration with Online Merchants: Skrill has a wide range of online merchants that accept its payment method, making it a popular choice for online shopping and gaming. Trustly, while also accepted by many online merchants, may not have the same level of integration and availability as Skrill in certain industries and regions.

6. User Identity Verification: Skrill requires users to go through a verification process, known as Know Your Customer (KYC), to comply with anti-money laundering regulations. Trustly, as a direct bank transfer service, relies on the authentication protocols of the user's bank, eliminating the need for separate identity verification.

In summary, Skrill and Trustly differ in terms of supported countries, payment flow, transaction fees, payment speed, integration with online merchants, and user identity verification. Each has its own strengths and target markets, catering to different needs and preferences of users seeking digital payment solutions.