IDEAL
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| Developer(s) |
Currence (ABN AMRO, ASN Bank, Friesland Bank, ING Bank, Knab, Rabobank, RegioBank, SNS Bank, Triodos Bank, Van Lanschot) |
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| Initial release | 2005 |
| Website | www |
iDEAL is an e-commerce payment system used in the Netherlands, based on online banking. Introduced in 2005, this payment method allows customers to buy on the Internet using direct online transfers from their bank account.
IDEAL remains by far the most popular method for online payments in the Netherlands, well beyond credit card use, and was used for 54% of all Dutch online payments in 2014. The service processed 4.5 million transfers in 2006, 15 million transfers in 2007, 28 million transfers in 2008, 45.4 million in 2009, 68.8 million in 2010, 93.8 million in 2011, 117.2 million in 2012, 142.5 million in 2013, 180.2 million in 2014, 222 million in 2015 and 282 million in 2016. iDEAL is owned by the Dutch organization Currence, which also owned and Chipknip. As of April 2016, the total amount of payments exceeded one billion.
The participating banks in iDEAL are ABN AMRO, ASN Bank, bunq, Friesland Bank, ING Bank, Knab, Rabobank, RegioBank, SNS Bank, Triodos Bank and Van Lanschot. Together these serve the vast majority of the Dutch online banking market.
iDEAL offers merchants a real-time payment method (publicized as low-cost and virtually risk-free) to accept internet payments. For customers, iDEAL uses the same environment as their banks' online banking sites. A high level of security is realized by using two-factor authentication (2FA), such as a challenge-response access token based on the chip embedded in the debit card or ATM card. Furthermore, no sensitive information is being shared with the merchant, such as credit card numbers. There is no chargeback right however, which can be considered a disadvantage for the consumer using this payment method. This is considered an advantage to the merchants.
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Wikipedia