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APIs · head to head

Token.io vs Trustly

Token.io logo

Token.io

APIs

Account to account pay by bank infrastructure across the UK and Europe

From
On request
Rated
-
Full reviewWebsite
Trustly logo

Trustly

APIs

Pay-by-bank payments network, majority-owned by private equity firm Nordic Capital

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Token.io account to account payments carry no chargeback scheme, so merchants gain cost savings but consumers lose the dispute protection cards provide, which limits adoption in general retail.; Trustly it is majority-owned by Nordic Capital, a private equity firm, so its long-term roadmap is ultimately oriented toward an eventual sale or IPO rather than indefinite independent operation.
  • They diverge on capability: Token.io covers Payment initiation, Trustly covers Pay by bank checkout.
  • Prices and features above were last checked on 1 September 2026.

Where they differ

Only the attributes on which Token.io and Trustly actually diverge.

Attributes where Token.io and Trustly differ
AttributeToken.ioTrustly

Identical on both: starting price (On request), pricing model (quote), free tier (No), platforms (Web, API), user rating (Not yet rated), category (APIs).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Token.io

  • Payment initiation
  • Variable recurring payments
  • Bank network coverage
  • giroAPI membership
  • Payouts and refunds
  • Data and account information
  • Hosted payment pages
  • Reconciliation reporting

Only in Trustly

  • Pay by bank checkout
  • Instant refunds
  • Verified payouts
  • Multi-market bank connectivity
  • Merchant dashboard and reconciliation
  • Fraud and risk tooling

What people use each for

The jobs each tool is most often brought in to do.

Token.io

  • A utility or telecom collecting high value bills where card interchange makes acceptance expensivenot Trustly
  • An investment or trading platform funding customer accounts without card chargeback exposurenot Trustly
  • A payment service provider adding pay by bank to its merchant proposition without building bank connectivitynot Trustly
  • A German merchant using giroAPI scheme access for recurring and future dated bank paymentsnot Trustly

Trustly

  • An e-commerce merchant wanting a lower-cost alternative or complement to card payment acceptancenot Token.io
  • A gaming or gambling operator needing verified, instant payouts to players' bank accountsnot Token.io
  • A merchant wanting instant refunds processed directly to a customer's bank account rather than card reversal delaysnot Token.io
  • A business in a market with strong open banking adoption wanting pay-by-bank as a checkout optionnot Token.io

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Token.io

  • Account to account payments carry no chargeback scheme, so merchants gain cost savings but consumers lose the dispute protection cards provide, which limits adoption in general retail.
  • Conversion depends on each bank's own authentication journey, and slow or broken bank redirects cost sales in ways the merchant cannot fix or even always diagnose.
  • Variable recurring payments beyond sweeping are still being rolled out unevenly across banks and markets, so a subscription use case may be supported at one bank and not another.
  • Token.io initiates payments rather than acting as acquirer of record, so merchants still need settlement, safeguarding and reconciliation arrangements elsewhere.
  • Coverage and feature parity vary by country, so a pan European rollout means different capabilities and different bank behaviour in each market rather than one uniform product.

Trustly

  • It is majority-owned by Nordic Capital, a private equity firm, so its long-term roadmap is ultimately oriented toward an eventual sale or IPO rather than indefinite independent operation.
  • Consumer familiarity with paying by bank transfer still lags card payments in most markets, so merchants typically see it used as a secondary option rather than a full card replacement.
  • The 1.15 to 3.15% merchant fee range is not a single published rate, so a merchant cannot know its actual cost without a sales negotiation.
  • As with all open banking-dependent payment methods, reliability depends on the consistency of the underlying banks' own APIs, which Trustly does not control.
  • Its verified payout functionality is heavily used in gaming and gambling, a sector with additional regulatory scrutiny, which is worth factoring in when evaluating vendor risk exposure by association.

Pricing, plan by plan

Token.io

On request
  • Token.io platform$undefined/year
    • Quoted per customer, typically per initiated payment
    • Volume tiers and monthly minimums are common
    • No interchange, so unit cost is usually well below card acceptance

Trustly

On request
  • Trustly$undefined/month
    • Typical merchant cost of 1.15% to 3.15% depending on volume and market
    • Exact rate negotiated per merchant, not published as a flat card

Which should you pick?

Choose Token.io if

  • You need payment initiation.
  • You work on Web, API.
  • You also want variable recurring payments.
Token.io review

Choose Trustly if

  • You need pay by bank checkout.
  • You work on Web, API.
  • You also want instant refunds.
Trustly review

Questions people ask

Is Token.io or Trustly better?
Neither clearly leads. Token.io starts at On request and Trustly at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Token.io or Trustly?
Token.io starts at On request and Trustly at On request.
Does Token.io or Trustly run on more platforms?
Both run on Web, API, so platform support will not decide this one for you.
What is Token.io best used for?
Token.io is most often used for a utility or telecom collecting high value bills where card interchange makes acceptance expensive, an investment or trading platform funding customer accounts without card chargeback exposure, a payment service provider adding pay by bank to its merchant proposition without building bank connectivity, a german merchant using giroapi scheme access for recurring and future dated bank payments. Of those, a utility or telecom collecting high value bills where card interchange makes acceptance expensive and an investment or trading platform funding customer accounts without card chargeback exposure are not what Trustly is typically brought in for.
What can Token.io do that Trustly cannot?
Token.io covers Payment initiation, Variable recurring payments, Bank network coverage, giroAPI membership. Trustly covers Pay by bank checkout, Instant refunds, Verified payouts, Multi-market bank connectivity.

Answered from the vendors’ own pages

Token.io: Does pay by bank remove card fees?

It removes interchange and scheme fees, so unit cost is normally far below card acceptance, particularly on high value payments.

Trustly: Who owns Trustly?

Nordic Capital, a private equity firm, holds a 51.1% majority stake; Alfven & Didrikson and BlackRock hold smaller stakes.

Token.io: What about chargebacks?

There are none. That is the cost saving and the consumer protection gap, which is why it suits bills, top ups and account funding more than retail.

Trustly: Is Trustly going public?

It has discussed an IPO but as of its most recent comments said one remained at least a year away.

Token.io: Is Token.io regulated?

Yes, it is an authorised third party provider under UK and European open banking rules, but it initiates payments rather than holding merchant funds as an acquirer.

Trustly: What does it typically cost a merchant?

Roughly 1.15% to 3.15% of transaction value depending on volume and market, negotiated per merchant.

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