iDeal now has a market share of 57% in the Netherlands

When you are an online retailer that’s active in the Netherlands, you can’t go around offering iDeal. The payment method now has a market share of 57 percent in its home market. Last year, Dutch online shoppers paid almost 33 billion euros in over 378 million iDeal transactions.

That’s what brand owner Currence announced earlier this month in the Dutch media. iDeal has grown faster than the ecommerce industry in the Netherlands, as the online payment method grew 33.8 percent in 2017 and the local online retail industry is estimated to have increased by 14 percent last year.

Make iDeal payments by scanning QR-code

Currence also announced that over half of all iDeal payments are now made in mobile banking apps. Later this year, over 8 million Dutch users of mobile banking apps will be able to make iDeal payments by scanning QR-codes. “This allows for fast mobile payments-on-delivery and lets consumers conveniently and reliably transfer payments from invoices or web browsers to their smartphones”, the company explains.

Mobile banking apps in the Netherlands

In the Netherlands, major banks like ING and Rabobank are working together on a project called Payconiq. This app enables users to make direct payments online, in-store and peer-to-peer. This week, on the same day the banks announced that 20,000 users from ING and Rabobank could use the app, another partnering bank, ABN Amro, announced it would leave the project to focus entirely on its own popular mobile banking app, Tikkie.

In the Netherlands, iDeal currently has a market share of 57 percent. Online stores in over sixty countries worldwide offer iDeal as a payment method to Dutch cross-border shopping consumers. According to Currence, merchants report substantially higher conversion rates for Dutch customers – of up to 90 percent – as soon as they add iDEAL as a payment option.