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

In today’s global financial landscape, debit, credit, and prepaid cards are some of the most commonly used payment methods. While virtual payment options are gaining popularity in developed European nations, they have yet to catch on in many parts of the world.

Although there are alternative payment methods available, none are as widely accepted as cards. However, A2A (Account to Account) transactions have also gained traction in recent years. These direct transfers between bank accounts have evolved according to local regulations. While peer-to-peer transactions are relatively simple, larger A2A transactions between companies can be more complex in some countries.

Fortunately, some countries have simplified the A2A process and reaped its benefits. For example, the Netherlands uses the iDEAL payment system for A2A transactions between customers and retailers. This system has become incredibly popular in the eCommerce industry and is also widely used by online casinos for secure and efficient transactions. You can check out our list of online casinos that accept iDEAL if you’re interested in legal online gambling.

Is iDEAL Still the Top Payment Gateway in the Netherlands?

Founded in 2005, iDEAL is a Dutch payment provider that has dominated the market for years. In fact, it recorded a 20% growth year-on-year in 2019. The system is available as a payment link on eCommerce sites and a QR code at physical stores. With over 80% of its transactions made on mobile devices, it’s clear that iDEAL is also popular among users on-the-go.

The Rise of Third-Party APIs in A2A Transactions

As technology continues to evolve, third-party APIs are becoming increasingly important in the Netherlands. These APIs offer valuable services to customers, including enhanced safety standards and faster transactions, while also providing valuable data for regulatory bodies. In fact, the Payment Services Directive (PSD2) now mandates that banks develop APIs allowing 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 innovative solutions for online transactions, travel payments, iGaming transfers, and other financial services. Its integration with the BankID system has made it a popular choice among online gamblers as it eliminates lengthy operational procedures and enables quick fund transfers to and from casino accounts.

Trustly partners with some of the biggest names in various industries such as Shopify and PayPal. It’s also gaining prominence among land-based casinos in the Netherlands. While Trustly’s influence is growing rapidly, it still can’t match iDEAL’s popularity across traditional industries – at least not yet!