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

Debit, credit, and prepaid cards have become staples in the global financial landscape. While some advanced European countries have embraced virtual payment methods, the majority of the world still relies on physical cards.

Despite the popularity of alternative payment options, none can match the widespread acceptance of cards, except for A2A (Account to Account) transactions. These direct transfers between bank accounts have evolved to comply with local regulations and are a simple way to exchange funds between individuals. However, in some countries, larger A2A transactions involving companies can be a complicated process.

Fortunately, in other nations, banks have streamlined the A2A process due to its many benefits. The Netherlands is a prime example with its iDEAL payment system that allows for seamless A2A transactions between customers and retailers. This system has been widely adopted in the eCommerce industry and is also popular in iGaming. If you’re interested in legal online gambling experiences, check out our list of online casino iDEAL options.

Is iDEAL Still Dominant in Dutch Payments?

iDEAL was founded in 2005 as a Dutch payment provider and has since become the largest operator in the country. In 2019 alone, it recorded an impressive 20% year-over-year growth. The system is available as a payment link on eCommerce sites or through QR codes at physical stores. It’s particularly popular among mobile users with over 80% of transactions being made on-the-go.

The Rise of Third-Party APIs for A2A Transactions

As technology advances, third-party APIs are gaining traction in the Netherlands. These APIs offer valuable services to customers, such as increased safety standards and faster transactions, while also providing valuable data to regulatory bodies. The authorities are gradually stepping up their game, and the Payment Services Directive (PSD2) now requires banks to develop APIs that allow third-parties to access customer accounts and initiate payments with their consent. This development is slowly chipping away at iDEAL’s dominance.

Trustly: Transforming eCommerce Payments in the Netherlands

Swedish fintech company Trustly is revolutionizing virtual payments one day at a time! With operations in over 29 countries and serving more than 600 million people, Trustly offers a wide range of financial services, including online transactions, travel payments, and iGaming transfers. Their integration with the BankID system has made them a household name in the online gambling industry by eliminating lengthy operational procedures and facilitating quick fund transfers to and from casino accounts.

Trustly works with some of the biggest names across various industries such as Shopify and PayPal, and it’s quickly gaining popularity among land-based casinos. Dutch iGamers can expect an enhanced payment experience as Trustly continues to surpass iDEAL as the most preferred payment method at casinos. Despite its growing influence, Trustly still has some catching up to do compared to iDEAL’s popularity in traditional industries.