iDEAL
{{Short description|Dutch e-commerce payment system}}
{{lowercase title|title=iDEAL}}
{{about|the e-commerce system|other uses|ideal (disambiguation)}}
{{Multiple issues|
{{primary sources|date=June 2016}}
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{{Use dmy dates|date=February 2024}}
{{Infobox software
| name = iDEAL
| title = iDEAL
| logo = IDEAL Logo 2020.svg
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| developer = Currence
(Payconiq, ABN AMRO, Friesland Bank, ING Bank, Knab, Rabobank, Triodos Bank, Van Lanschot, De Volksbank)
| released = 2005
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| website = {{URL|http://www.ideal.nl}}
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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.{{Cite web|url=https://www.payconiq.com/epi-successfully-completes-acquisition-of-ideal-and-payconiq-international/|title=EPI successfully completes acquisition of iDEAL and Payconiq International|work=Payconiq|access-date=2023-11-25|language=en-US}}
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|date=October 2024}}
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|date=October 2024}}
In 2006 the consortium moved the iDEAL brand to the Dutch banking organization Currence.{{cite news |url=https://www.emerce.nl/nieuws/banken-dragen-merk-ideal-over-aan-currence |title=Banken dragen merk Ideal over aan Currence |language=nl |trans-title=Banks move Ideal brand to Currence |date=November 2, 2006 |publisher=Emerce}} Nine years after claiming to be responsible for 54% of the country's online payments, iDEAL reported having 70% of this market in 2023.
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.{{Cite web |title=Dutch payment processor iDeal to become European standard |url=https://nltimes.nl/2023/04/25/dutch-payment-processor-ideal-become-european-standard |access-date=2023-04-25 |website=NL Times |language=en}}{{Cite web |title=EPI Company announces new acquisitions and shareholders |url=https://thepaypers.com/payments-general/epi-company-announces-new-acquisitions-and-shareholders--1262337 |access-date=2023-04-25 |website=thepaypers.com |language=en}}{{Cite web |last=Dumitrescu |first=Irina |date=2023-04-25 |title=[GLOBAL] EPI Company announces acquisitions, additional shareholders and the coming launch of its new instant payment solution | archive-url=https://web.archive.org/web/20240716101629/https://www.epicompany.eu/epi-company-announces-acquisitions-additional-shareholders-and-the-coming-launch-of-its-new-instant-payment-solution/ |archive-date=2024-07-16 |url=https://www.epicompany.eu/epi-company-announces-acquisitions-additional-shareholders-and-the-coming-launch-of-its-new-instant-payment-solution/ |access-date=2023-04-25 |website=European Payments Initiative |language=en-US |url-status=dead}}{{Cite web |date=2023-04-25 |title=iDEAL Becomes More Ideal |url=https://www.ideal.nl/en/actueel/nieuws/ideal-becomes-more-ideal/ |url-status=dead |archive-url=https://web.archive.org/web/20230425092413/https://www.ideal.nl/en/actueel/nieuws/ideal-becomes-more-ideal/ |archive-date=25 April 2023 |access-date=2023-04-25 |website=iDEAL |language=en-US}}
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.
European Payments Initiative (EPI) has announced that iDEAL will be replaced by its Wero payment service.{{Cite web |last=Dumitrescu |first=Irina |date=2023-09-21 |title=European Payments Initiative selects "wero" as commercial name for its innovative digital wallet |url=https://epicompany.eu/media-insights/epi-selects-wero-as-commercial-name-for-its-innovative-digital-wallet |access-date=2023-10-23 |website=European Payments Initiative |language=en-US}} 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. In April 2025 it was reported that the launch for Wero is expected by Wero by the end of 2027.{{cite web |author= |date=11 April 2025 |title=IDeal eind 2027 volledig vervangen door nieuw betalingssysteem Wero |url=https://www.security.nl/posting/883786/IDeal+eind+2027+volledig+vervangen+door+nieuw+betalingssysteem+Wero |website=Security.nl |language=Dutch}}
Transaction statistics
The number of transfers processed:
class="wikitable"
|+ Annual payments{{cite web |url=http://www.ideal.nl/en/payee/key-figures/ideal-payments/ |title=Key Figures - iDEAL payments |access-date=April 18, 2023 |publisher=iDeal |archive-date=5 January 2018 |archive-url=https://web.archive.org/web/20180105070206/https://www.ideal.nl/en/payee/key-figures/ideal-payments/ |url-status=dead }}{{cite web|url=https://www.currence.nl/en/nieuws/strong-growth-ideal-idin-emandates-2021/|title=Strong growth of iDEAL, iDIN and e-mandates in 2021|date=2 February 2022|website=Currence|access-date=18 February 2024}} | |
Year | Transactions |
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2006
| style="text-align:right; |4.4 million | |
2007
| style="text-align:right; |14.9 million | |
2008
| style="text-align:right; |27.8 million | |
2009
| style="text-align:right; |45.4 million | |
2010
| style="text-align:right; |68.8 million | |
2011
| style="text-align:right; |93.9 million | |
2012
| style="text-align:right; |117.2 million | |
2013
| style="text-align:right; |142.5 million | |
2014
| style="text-align:right; |180.2 million | |
2015
| style="text-align:right; |222.0 million | |
2016
| style="text-align:right; |282.6 million | |
2017
| style="text-align:right; |378.1 million | |
2018
| style="text-align:right; |523.8 million | |
2019
| style="text-align:right; |666.9 million | |
2020
| style="text-align:right; |890.3 million | |
2021
| style="text-align:right; |1.14 billion |
See also
References
{{reflist}}
{{Dutch financial services companies}}
{{Digital payment providers}}
Category:2023 mergers and acquisitions
Category:E-commerce in the Netherlands