iDeal was founded in 2005 by Dutch banks and has since grown to become the largest online payment method in the Netherlands. Over 90% of Dutch online shoppers choose iDeal during checkout, and this payment solution is extremely popular among 25 to 44-year-old consumers. Among them, over 43% said to Ruigrok NetPanel, a market research agency based in Amsterdam, that sometimes they choose solutions allowing them to pay afterwards. According to this survey, this age group is also the group that buys online most often: one in four does this at least once, while the average for all Dutch people is 15 percent.

What’s the plan now?

Payment service iDeal is now in foreign hands: taken over by the European Payments Initiative (EPI) together with its technology supplier Payconiq (PQI) it should become the starting point for an international payment system.

PQI is a Luxemburg-based payment solutions provider that serves iDEAL in the Netherlands, Bancontact Payconiq Company in Belgium, and Payconiq in Luxembourg. The new EPI product will be a multi-faceted digital wallet solution and an instant, account-to-account payment means unified across European countries.

Internationally, the payment system of Dutch banks has long been seen with interest and the purchase by EPI, an initiative with shareholders such as Credit Agricole, Deutsche Bank and BNP Paribas goes precisely in the direction of extending the mechanism.

iDeal will be used for the development of that international network with a digital wallet for payments, similar to Apple Pay and Google Pay and with a technology of direct payments between individuals.

According to PQI, the new e-wallet will be tested in France and Germany as early as the end of 2023, the pilot project will also expand to Belgium at the beginning of 2024.

The wallet will support a range of transaction types including one-off payments, subscriptions, installments, payments upon delivery, and reservations. Additionally, value-added services will be incorporated into the solution over time, including ‘Buy Now, Pay Later’ (BNPL) financing, digital identity features, and integration of merchant loyalty programs.

At the EU CBEC Forum 2023 we will also be dedicating space to the types of online payment that have now become an increasingly part of consumers’ daily lives. Come and visit us to learn more about this sector and understand which is the most suitable payment method for your e-commerce.