Competitor Profile: iDEAL 2024

Competitor Profile: iDEAL 2024

Summary

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 top-ups, and donations. It generates business by offering five types of transactions: domestic ecommerce payments, cross-border ecommerce payments, payments between consumers, non-ecommerce payments, and buy now pay later services.

Payments via iDEAL are supported by 12 issuing banks and financial institutions: ABN AMRO, ASN Bank, bunq, ING, Knab, Rabobank, RegioBank, Revolut, SNS Bank, Triodos Bank, Van Lanschot, and Yoursafe. In addition to issuing banks, the solution is supported by 18 acquiring banks and 58 payment institutions, known as collecting payment services providers (CPSPs). CPSPs act as intermediaries between acquirers and merchants. Of the 58 CPSPs, 24 are international service providers. They allow Dutch consumers to pay for online purchases from foreign online merchants in more than 60 markets globally.

In October 2023, the European Payments Initiative (EPI) (an organization featuring several of Europe’s key banks and financial institutions) acquired iDEAL and Luxembourg-based payment solutions provider Payconiq International as part of its efforts to develop a unified Europe-wide instant payment infrastructure. This will help iDEAL expand its reach across the region.

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 revenue model and performance highlights
• The company's important events and milestones

Scope

• In October 2005, iDEAL was founded
• In December 2016, iDEAL launched payment service enabling money transfers between individuals.
• In May 2020, iDEAL launched iDEAL Scheduling in collaboration with payment solutions provider Online Payment Platform, allowing users to schedule payments for future dates.
• In November 2021, iDEAL partnered with revenue delivery platform Paddle to enable iDEAL as a payment acceptance method for Paddle’s partner merchants.
• In April 2024, iDEAL introduced buy now pay later payment solution iDEAL in3 in collaboration with fintech services provider Eindhoven. This service enables users to pay for purchases across three equal installments.

Reasons to Buy

• Gain insights into iDEAL business operations and key events.
• Gain insights into its product portfolio revenue model and performance highlights.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.