iDEAL – Competitor Profile

iDEAL, a market leader in Dutch third-party payment services, was established by payment systems provider Currence in 2005. iDEAL offers online payments for Dutch domestic and international shoppers, enabling them to pay for online purchases directly from their bank accounts. iDEAL also enables consumers to carry out other transactions such as utility bill payments, mobile recharging, and donations.

In terms of transaction volume, iDEAL is the preferred method of online payment in the Netherlands. Nearly 70% of online purchases in the country were made through iDEAL in 2020. It generates business by offering four types of transactions: domestic ecommerce payments, cross-border ecommerce payments, payments between consumers, and non-ecommerce payments.

Payments through iDEAL are supported by 12 issuing banks and financial institutions: ABN AMRO, ASN Bank, bunq, ING, Knab, Rabobank, RegioBank, Revolut, SNS Bank, Svenska Handelsbanken, Triodos Bank, and Van Lanschot Bankiers. In addition to issuing banks, the solution is supported by 13 acquiring banks and 49 payment institutions known as collecting payment service providers (CPSPs). CPSPs act as intermediaries between acquirers and merchants. Of the 49 CPSPs, 20 are international service providers. They allow Dutch consumers to pay for online purchases from foreign online merchants in more than 60 markets globally.

In December 2020, Currence announced it will launch the iDEAL 2.0 upgrade in 2022, with enhanced infrastructure and new value-added services. To achieve this, it has partnered with mobile payment processing platform Payconiq to upgrade its payment infrastructure and enhance its payment processing capabilities. The partnership will allow iDEAL to launch new value-added services such as digital loyalty programs.

The report provides information and insights into iDEAL including –

– Detailed insight into its business

– Comprehensive coverage of its products and services

– Comparative assessment with key alternative payment solutions

– Information on its performance highlights as well as revenue model

– The company's important events and milestones

Scope

– In October 2005, iDEAL was founded.

– In September 2015, MINDBODY, a Dutch cloud-based business management software provider, offered the iDEAL payment option to customers.

– In June 2019, iDEAL launched QR payments for mobile banking apps. iDEAL enables mobile app users of Knab, Rabobank, ING, and ABN AMRO to make payments for invoices or at shops by scanning the iDEAL QR code using their smartphone.

– In December 2020, Currence announced it will launch the iDEAL 2.0 upgrade in 2022.

Reasons to buy

– Gain insights into iDEAL's business operations and key events.

– Gain insights into its product portfolio.

– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.

Companies mentioned

iDEAL

MobilePay

Currence

Table of Contents

Table of Contents

Overview

Benchmarking

Performance Highlights

Revenue Model

Products and Services

Significant Events

Partner Banks and Financial Institutions in the Netherlands

Appendix

    Pricing

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