iDEAL registers over 23 percent increase in 2015

Friday 26 February 2016 10:39 CET | News

In 2015, iDEAL was used more than 222 million times, a year-on-year increase of 23.2 percent.

The total amount paid with iDEAL in 2015 was EUR 18 billion. With a growing interest in iDEAL abroad, the Dutch Payments Association expects a further increase of the number of iDEAL transactions in 2016.

For the first time, more than 20 million iDEAL payments were made (23 million) in a single month (December 2015). Compared to December 2015, this is an increase of 23.9%. Since its market introduction in October 2005, the total number of iDEAL payments reached 917.5 million.

There is an increasing interest in iDEAL abroad, with ecommerce companies targeting Dutch consumers. As a result Dutch customers can increasingly pay with iDEAL at foreign web shops. Already 20% of the total iDEAL transaction volume is generated at foreign online companies. In 2015, four foreign payment institutions (Collecting Payment Service Providers) and one foreign acquirer joined the iDEAL scheme, expanding cross border reach. This totals to more than 70 banks and payment institutions. As iDEAL currently can only be used by consumers with a Dutch bank account, its success is remarkable compared to other payment methods with an international reach.

The use of iDEAL at Dutch web shops continues to grow not only in number but also in market share. Research shows that within ecommerce iDEAL’s market share increased to 56% in mid-2015. In 2014 this was 54%. As well as the growth in Dutch ecommerce, there is an increased use of iDEAL in other areas. The number of iDEAL payments is rising outside traditional ecommerce, in particular in charity donations and the payment of invoices and fines, as an alternative to the SEPA direct debit. Over 100,000 merchants now offer iDEAL as a payment method.

iDEAL is now available in all mobile banking apps. In December 2015, 23% (5.2 million) of the total number of iDEAL payments was made via mobile banking apps.

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Keywords: iDEAL, Dutch Payments Association, online payment, online transactions, mobile app, payment institutions
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce