Dutch online transaction system iDEAL has seen its 250 millionth transaction completed at the webstore Fietspunt.nl since the online payment method was introduced in 2005.
iDEAL provides consumers with internet banking for online purchases in web shops, by directly linking them to the online banking website of their own bank. The success of iDEAL among consumers resides in the fact that it is a safe and user-friendly payment method, while merchants value the guaranteed payment. Furthermore, the product was launched to the market with the support of the home-shopping sector.
Nearly 70 percent of the Dutch population shops online and 10 percent of all purchases in the Netherlands are now made online, with iDEAL being the favourite payment method. Currently, more than 40,000 businesses and institutions in the Netherlands accept iDEAL payments. Moreover, iDEAL is also expanding its position outside regular e-commerce as the use of iDEAL payments for admission tickets and public transport rises steeply.
According to a study published by the European Institute for Brand Management (EURIB), iDEAL ranked best among all financial brands and was one of the top ten most indispensable brands in the Netherlands.Although payments via mobile phones have been possible for quite some time, they are set to become easier for online purchases next year thanks to mobile iDEAL.