IDEAL

Last updated

iDEAL
Developer(s) Currence
(Payconiq, ABN AMRO, Friesland Bank, ING Bank, Knab, Rabobank, Triodos Bank, Van Lanschot, De Volksbank)
Initial release2005
Website www.ideal.nl

iDEAL is an e-commerce payment system used for online banking in the Netherlands. Previously controlled by the Dutch e-commerce organization Currence since 2006, the company became owned by the European Payments Initiative (EPI) from October 2023. [1]

Contents

It is an online payment method that enables consumers to pay online through their own bank. In addition to online merchants, other organisations that are not part of the e-commerce market also offer iDEAL.[ citation needed ]

History

The system was conceived by the Dutch banks ABN Amro, ING Bank, Postbank N.V. and Rabobank, to develop a single system for online payments that could be used by all banks. The payment platform was opened to consumers in 2005.[ citation needed ]

In 2006 the consortium moved the iDEAL brand to the Dutch banking organization Currence. [2] Nine years after claiming to be responsible for 54% of the country's online payments, iDEAL reported having 70% of this market in 2023. [3]

In the same year, the European Payments Initiative acquired iDEAL and Payconiq International, as well as new shareholders, for the upcoming launch of its instant payment solution. iDEAL is to become a European payment account-to-account (A2A) instant payment scheme and a multi-faceted digital wallet. [3] [4] [5] [6]

EPI will initially enable person-to-person (P2P) and person-to-professional (P2Pro) payments, followed by online and mobile shopping payments and then point-of-sale payments. A comprehensive range of transaction types will be supported, including one-off payments, subscriptions, installments, payments upon delivery and reservations. Additionally, value-added services will be incorporated into the solution over time, including responsible ‘Buy Now, Pay Later’ (BNPL) financing, digital identity features and integration of merchant loyalty programmes. [5]

European Payments Initiative (EPI) has announced that iDEAL will be replaced by its Wero payment service. [7] Wero is launched in Germany, France and Belgium in mid-2024 as a P2P payment solution, but the service will offer e-commerce/m-commerce payments from mid-2025. The launch of Wero in the Netherlands is currently prepared and foreseen for end 2025/begin 2026, although not much is currently disclosed about how a transition from iDEAL to Wero will take place.

Transaction statistics

The number of transfers processed:

Annual payments [8] [9]
YearTransactions
20064.4 million
200714.9 million
200827.8 million
200945.4 million
201068.8 million
201193.9 million
2012117.2 million
2013142.5 million
2014180.2 million
2015222.0 million
2016282.6 million
2017378.1 million
2018523.8 million
2019666.9 million
2020890.3 million
20211.14 billion

See also

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References

  1. ↑ "EPI successfully completes acquisition of iDEAL and Payconiq International". Payconiq. Retrieved 25 November 2023.
  2. ↑ "Banken dragen merk Ideal over aan Currence" [Banks move Ideal brand to Currence] (in Dutch). Emerce. 2 November 2006.
  3. 1 2 "Dutch payment processor iDeal to become European standard". NL Times. Retrieved 25 April 2023.
  4. ↑ "EPI Company announces new acquisitions and shareholders". thepaypers.com. Retrieved 25 April 2023.
  5. 1 2 Dumitrescu, Irina (25 April 2023). "[GLOBAL] EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution". European Payments Initiative. Archived from the original on 16 July 2024. Retrieved 25 April 2023.
  6. ↑ "iDEAL Becomes More Ideal". iDEAL. 25 April 2023. Archived from the original on 25 April 2023. Retrieved 25 April 2023.
  7. ↑ Dumitrescu, Irina (21 September 2023). "European Payments Initiative selects "wero" as commercial name for its innovative digital wallet". European Payments Initiative. Retrieved 23 October 2023.
  8. ↑ "Key Figures - iDEAL payments". iDeal. Archived from the original on 5 January 2018. Retrieved 18 April 2023.
  9. ↑ "Strong growth of iDEAL, iDIN and e-mandates in 2021". Currence . 2 February 2022. Retrieved 18 February 2024.
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