November 4, 2020
Debit, credit, and prepaid cards are among the most common payment methods in the global financial mechanism. And while a few developed European nations have evolved beyond physical cards to virtual payment methods, the trend is yet to catch on in most parts of the globe.
Although alternate payment modes are popular, none are as widely accepted as cards, except perhaps A2A (Account to Account) transactions. These involve direct transfers between bank accounts and have evolved according to the intricacies of the local regulations. While standard peer-to-peer transactions are simple, in some countries, large A2A transactions between companies is a cumbersome process.
However, in other nations, the perks of an A2A system have encouraged banks to simplify the procedure. The Netherlands, for instance, uses the iDEAL payment process enabling A2A transactions between customers and retailers. And the system is a huge hit in the eCommerce industry. The iGaming niche is perhaps a prime example and traditionally uses the iDEAL payment method for swift and secure transactions. Check out the list of online casino iDEAL if you’d like to try your hands at legal online gambling.
Founded in 2005, iDEAL is a Dutch payment provider. The company is the largest operator in the country, recording a 20% YoY growth in 2019. The system is available as a payment link on eCommerce sites and a QR code at physical stores. The gateway is very popular on mobile devices, with over 80% of iDEAL transactions made on the go.
With the evolution of technology, third-party APIs are quickly gaining prominence in the Netherlands as they offer a ton of valuable services to customers including better safety standards and quicker transactions while gathering valuable data for the regulatory bodies. The authorities are slowly stepping up their game, and the Payment Services Directive (PSD2) mandates banks to develop APIs allowing third-parties to access customer accounts and initiate payments with the client’s permission. And the age-old iDEAL system is slowly losing its superiority.
Swedish fintech firm Trustly is revolutionising the world of virtual payments one day at a time! From online transactions to travel payments, iGaming transfers, and related financial services, Trustly operates in over 29 countries, serving over 600 million people. Their innovative integration with the BankID system has made them a household name in the online gambling industry, eliminating the need for lengthy operational procedures while quickly transferring funds to and from casino accounts.
Trustly works with some of the biggest firms across industries like Shopify and PayPal and is quickly gaining prominence among land-based casinos. Dutch iGamers are in for a treat as Trustly is well on its way to overtaking iDEAL as the most-preferred payment method at the casino. Despite its growing influence, Trustly is no match for iDEAL’s popularity across traditional industries, and the latter still holds the edge, at least for now!
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