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

Payment methods such as debit, credit, and prepaid cards are widely used in the global financial system. While some developed European countries have moved towards virtual payment options, many parts of the world still rely on physical cards.

Although alternative payment modes exist, none are as universally accepted as cards, with the exception of A2A (Account to Account) transactions. These involve direct transfers between bank accounts and have adapted to local regulations. While peer-to-peer transactions are straightforward, large A2A transactions between companies can be complex in certain countries.

However, in other nations, banks have simplified the A2A process due to its benefits. For example, in the Netherlands, customers and retailers can use the iDEAL payment system for A2A transactions. This has become extremely popular in the eCommerce industry and is also commonly used in online casinos. To try your luck with legal online gambling, check out this list of online casino iDEAL options.

Is iDEAL the Leading Payment Gateway in the Netherlands?

Founded in 2005, iDEAL is a Dutch payment provider that holds a significant market share in the country. In 2019 alone it saw a growth rate of 20%. The system can be accessed through payment links on eCommerce sites or QR codes at physical stores. It is especially popular among mobile users with over 80% of transactions being made on-the-go.

The Impact of Third-Party APIs on A2A Transactions

As technology evolves, third-party APIs are gaining traction in the Netherlands due to the valuable services they offer customers, such as increased safety standards and faster transactions. These APIs also provide valuable data to regulatory bodies. The authorities have responded by implementing 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 Influence in Dutch eCommerce

Swedish fintech company Trustly is revolutionizing virtual payments one day at a time! They operate in over 29 countries and serve more than 600 million people through online transactions, travel payments, iGaming transfers, and other financial services. Their integration with the BankID system has made them a popular choice in the online gambling industry as it eliminates lengthy operational procedures and facilitates quick fund transfers to and from casino accounts.

Trustly has partnerships with major companies like Shopify and PayPal, making it a trusted payment option across various industries. It is quickly gaining prominence among land-based casinos in the Netherlands, posing a potential challenge to iDEAL’s position as the preferred payment method for casinos. However, iDEAL still remains more popular in traditional industries for now.