Netherlands: iDEAL transactions volume climbs 21% in 2013

Friday 4 July 2014 11:55 CET | News

iDEAL, a Dutch online payments system, recorded a 21% growth in the number of transactions, to a total value of EUR 10.8 billion, according to the Currence – Annual Report 2013.

Consumers with a Dutch bank account opted for iDEAL as a payment option for their purchases over 142 million times, a notable figure which was spurred by the continuing increase in online shopping.

However, consumers not only use iDEAL for online purchases and transactions but also for donations to charities and payments for subscriptions and invoices, for example. Security, speed and convenience are important factors for consumers when selecting their payment method, according to information issued by the report in question.

In 2013, 59% of the Dutch customers opted for iDEAL as a payment method and 61% of consumers used the service to pay for their most recent online purchases.

Collecting Payment Service Providers (CPSPs) increased their presence in foreign markets in 2013. The importance of CPSPs for the iDEAL market is further evidenced by their activities in foreign markets. More than three quarters of all CPSPs (35 of the 46) offer iDEAL to foreign online businesses. In 2013, there was a strong trend towards internationalisation among CPSPs. As a consequence, iDEAL is accepted in 65 countries (to a greater or lesser degree).

In 2013, consumers with Dutch bank accounts used iDEAL to reach a 20% increase to 28 million payments to foreign websites out of all payments, which reflects an increase of 2% points relative to 2012.

In 2013, iDEAL was prepared for the transition to SEPA, using the SEPA Credit Transfer as a basis.

In 2013, a number of banks introduced a version of iDEAL for use on mobile devices via an app provided by bank of the customers. In 2013, the mobile version already accounted for 10% of all iDEAL payments.

In 2013, the number of retailers offering iDEAL to their customers as a payment instrument increased by 10,000, reaching a total of 100,000. This increase is partly due to the fact that iDEAL is increasingly being used in areas beyond the traditional e-commerce sector.

The iDEAL payment system is based on existing infrastructure with banks, which implies they can capitalise on their online banking application and customer base. iDEAL is open to any bank to obtain a licence from the scheme owner Currence.

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Keywords: Netherlands, Dutch, iDeal, transactions volume, online payments, payments system, Currence report, foreign merchants
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce