According to a recent report, Swedish fintech company Zimpler has filed a complaint about Trustly with the Swedish Competition Authority (Konkurrensverket). The accusation alleges that Trustly has been locking companies into expensive and exclusive contracts, while also stopping them from adopting services from other vendors.
According to the complaint, Zimpler allegedly has evidence that can prove that Trustly is stopping the fintech company from being able to conduct business with gaming companies who currently hold a Swedish license. They further allege that operators are unwilling to make contracts with their company out of concern that it would damage their relationship with Trustly, which could prove detrimental in the short-term.
In a story published on Gambling Insider, Zimpler CEO Oskar Bjursten discussed the complaint, stating that “I note Trustly’s answer to the Swedish Competition Authority differs from the experience Zimpler and our merchants are having.” He further added that “While it is gratifying to hear Trustly admits to the use of exclusivity clauses within the area of direct bank payments, we do not share Trustly’s view that it will mean our merchants will have enough flexibility.”
While the CEO seems confident that Trustly executives have violated the law, those executives do not see it that way. Respondents for Trustly stated, “Zimpler’s complaint contains numerous factual errors and in our opinion has no merit. Trustly is a relatively small payment solution in the online payments market full of competing international and domestic payment services providers and payment solutions including Visa, Mastercard, PayPal, Swish, Skrill, and others.”
They further added that they have submitted their response to the Konkurrensverket, who they expect “will agree Zimpler’s complaint has no merit.” However, they are in support of the process, responding that “we want to allow KKV the time it needs to review our response before we publically go into any details.”
Trustly has been increasing their share in the Swedish market, thanks in large part to their new Pay N Play concept. This new model allows customers instant access to online games without having to go through the process of registering and verifying their identity.
According to a recent report, a large number of people begin the process of creating a player profile each year, but neglect to complete the verification process which they often find time-consuming and tedious. This is where Trustly has been able to gain a growing number of customers, as they are providing a system that removes this extra step.
