iDEAL - Competitor Profile

iDEAL - Competitor Profile

  • June 2020 •
  • 18 pages •
  • Report ID: 5915856 •
  • Format: PDF
iDEAL - Competitor Profile

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 recharging, and donations.

In terms of transaction volume, iDEAL is the preferred method of online payment in the Netherlands.More than half of online purchases in the country were made through iDEAL in 2019.

It generates business by offering four types of transactions: domestic e-commerce payments, cross-border e-commerce payments, payments between consumers, and non-e-commerce payments.

Payments through iDEAL are supported by 12 issuing banks and financial institutions: ABN AMRO, ASN Bank, bunq, ING, Knab, Moneyou, Rabobank, RegioBank, SNS Bank, Svenska Handelsbanken, Triodos Bank, and Van Lanschot Bankiers.In addition to issuing banks, the solution is supported by 13 acquiring banks and 50 payment institutions known as collecting payment service providers (CPSPs).

CPSPs act as intermediaries between acquirers and merchants.Of the 50 CPSPs, 21 are international service providers.

They allow Dutch consumers to pay for online purchases from foreign online merchants in more than 60 markets globally.

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 performance, including its revenue model
- The company’s important events and milestones

Scope
- In October 2005, iDEAL was founded.
- In December 2016, iDEAL launched a C2C payment service, enabling money transfers between individuals.
- In November 2018, ABN AMRO enabled users to make payments by scanning an iDEAL QR code on their computer screen, with the payment carried out via ABN AMRO’s mobile banking app.
- In June 2019, iDEAL QR-based payment for mobile banking apps was launched. iDEAL enables the mobile app users of Knab, Rabobank, ING, and ABN AMRO to make payments for invoices or at shops by scanning the iDEAL QR code using their smartphone.

Reasons to Buy
- Gain insights into iDEAL’s business operations and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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