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

Debit, credit, and prepaid cards are some of the most commonly used payment methods in the global financial system. While a few developed European countries have transitioned to virtual payment methods, this trend has not yet caught on in most parts of the world.

Although alternative payment modes are gaining popularity, none are as widely accepted as cards, except for A2A (Account to Account) transactions. These involve direct transfers between bank accounts and have adapted to local regulations. While peer-to-peer transactions are simple in most cases, some countries have complex processes for large A2A transactions between companies.

However, in other nations, banks have simplified A2A transactions due to the benefits of this system. For example, in the Netherlands, iDEAL is a popular payment process that allows customers to make A2A transactions with retailers. This has become especially popular in the eCommerce industry and is also frequently used by iGaming platforms for fast and secure payments. Take a look at our list of online casinos that accept iDEAL if you’re interested in trying your hand at legal online gambling.

Is iDEAL the Leading Payment Gateway in the Netherlands?

Founded in 2005, iDEAL is a Dutch payment provider that holds a dominant position within its country’s market. In 2019 alone, it recorded a growth rate of 20%. The system can be accessed through payment links on eCommerce sites or via QR codes at physical stores. It is also highly popular among mobile users, with over 80% of iDEAL transactions being made on the go.

The Rise of Third-Party APIs for A2A Transactions

As technology advances, third-party APIs are becoming increasingly important in the Netherlands. These APIs offer valuable services to customers, such as enhanced security measures and faster transactions, while also providing regulatory bodies with valuable data. The authorities are taking note and have implemented the Payment Services Directive (PSD2), which requires banks to develop APIs that allow third-parties to access customer accounts and initiate payments with their permission. As a result, the traditional iDEAL system is slowly losing its dominance.

Trustly’s Growing Impact on Dutch eCommerce

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

Trustly works with some of the biggest companies across various industries, such as Shopify and PayPal. It is also gaining popularity among land-based casinos in the Netherlands. This means Dutch iGamers have an exciting alternative to iDEAL as Trustly steadily becomes the preferred payment method at casinos. However, despite its growing influence, Trustly still lags behind iDEAL’s popularity in traditional industries but is quickly catching up!