Trustly’s Latest Developments to be a Good Substitute for iDeal

Cash, credit, and prepaid cards are among the most common forms of payment used in the global financial system. While some developed European countries have moved towards virtual payment methods, many parts of the world still rely on physical cards.

Although there are other popular payment options available, none are as widely accepted as cards, except for A2A (Account to Account) transactions. These involve direct transfers between bank accounts and have been adapted to meet local regulations. While peer-to-peer transactions are straightforward, some countries have complex processes for large A2A transactions between companies.

However, in other nations, banks have simplified A2A transactions due to their advantages. For example, the Netherlands uses the iDEAL payment system for A2A transactions between customers and retailers. This has become extremely popular in the eCommerce industry. In fact, it is commonly used in the iGaming sector – check out our list of online casinos that accept iDEAL if you’re interested in legal online gambling.

Is iDEAL the Most Popular Payment Gateway in the Netherlands?

Established in 2005, iDEAL is a Dutch payment provider that holds a significant market share in its home country. In 2019 alone, it saw a growth rate of 20%. The system can be accessed through a payment link on eCommerce websites or a QR code at physical stores. It is especially popular on mobile devices with over 80% of all iDEAL transactions being made on-the-go.

The Rise of Third-Party APIs in A2A Transactions

As technology advances, third-party APIs are becoming increasingly important in the Netherlands. These APIs offer customers a range of benefits, including enhanced security measures and faster transactions, while also providing valuable data to regulatory bodies. The authorities are also stepping up their efforts, with the Payment Services Directive (PSD2) requiring banks to develop APIs that allow third parties to access customer accounts and initiate payments with their permission. This has led to a decline in the dominance of iDEAL.

Trustly’s Growing Influence on Dutch eCommerce

Swedish fintech company Trustly is revolutionizing virtual payments one day at a time! They operate in over 29 countries and serve over 600 million people through online transactions, travel payments, iGaming transfers, and other financial services. Their integration with BankID has made them a household name in the online gambling industry as it eliminates lengthy procedures and enables quick funds transfer to and from casino accounts.

Trustly works with major companies such as Shopify and PayPal and is gaining popularity among land-based casinos. Dutch players can expect Trustly to surpass iDEAL as the preferred payment method at casinos soon. However, despite its growing influence, Trustly still cannot match the popularity of iDEAL across traditional industries – at least not yet!