Available to the first N26 customers in the region, the new integration is set to be rolled out gradually in the market and to enable all Dutch N26 customers to make payments and transfers in an easy manner through iDEAL, without needing to leave the N26 app. Furthermore, iDEAL’s integration will allow customers to execute peer-to-peer (P2P) payment requests through Tikkie – a well-known P2P payment service in the Netherlands. With iDEAL, N26 will provide an increasingly secure, simple, and complete banking experience for its Dutch customers.
As per the press release information, cashless payment adoption continues to increase in the Netherlands, with 91% of the population embracing digital payments and debit card usage. Leveraged in approximately 70% of ecommerce transactions in the region, iDEAL is the predominant online digital payment service, with more than 1 billion transactions per year. Having introduced the option to top up N26 accounts directly with iDEAL in 2021, N26’s most recent integration will provide customers with the ability to unlock the full functionality of using iDEAL’s payment solutions directly within their N26 app.
The integration of iDEAL enables N26 customers to buy and pay online with their N26 app without having to know the beneficiary’s bank details. Payment details are to be automatically filled in the N26 app by scanning a QR code, or via payment links on ecommerce websites, and customers need only to review and confirm the payment within their app for the money to be transferred to the beneficiary through a regular SEPA Credit Transfer. To initiate this transfer, N26 uses iDEAL’s relevant beneficiary details to carry out the regular compliance checks and execute the requested payment.
Jérémie Rosselli, General Manager N26, France & BeNeLux said that by enabling Dutch customers to leverage iDEAL with their N26 account, the simple, instant, secure solution localised specifically for the Dutch market will help simplify paying online with N26.
Adding on this, Daniel van Delft, CEO of Currence iDEAL said that the attributes of iDEAL are in alignment with those of a neobank like N26, as both organisations are committed to consistently bettering the sector.
The announcement further highlights that bringing popular local payment solutions such as iDEAL to the N26 experience is an important step in expediting N26’s growth in the Netherlands, as it provides customers with an additional reason to select N26 as their primary bank account.
When commenting on this, Jérémie Rosselli said that integrating localised solutions like iDEAL is an investment that helps the company build an increasingly relevant and tailored product for N26 users in key markets. Per their statement, they are set to continue working to deliver an even more hassle-free banking experience for their 300,000 Dutch customers.
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