While cards are the most common payment method in countries like France and the U.K. shoppers in the Netherlands prefer to pay by another method: iDEAL.
An overview of the Dutch e-market
Last year there was almost 14 million in e-commerce sales. While it’s still behind leading e-commerce countries, the Netherlands is a growing online shopping destination of choice with a 9% growth between 2014 and 2015.
127 million products with an almost equal number of services were sold online, but how were these paid for? In spite of all the pros that accompany buying with bank cards, the Dutch prefer to pay with iDEAL.
What is iDEAL?
iDEAL is the most common payment method in the Netherlands, with a 56% market share. This payment method allows customers to pay by bank transfer directly from their online banking interface. Watch this video to better understand how it works!
To summarize, iDEAL registers more than 200 million transactions each year through its over 100,000 partnering merchants. Even though this payment method was developed specifically for the Dutch market, it could be a future opportunity for other European markets. Click here to find out more about this solution.