Digital financial institution N26 has integrated payment service iDEAL into its digital banking experience for the Dutch market.
The new agreement with iDEAL will see N26 customers in the Netherlands gain access to upgraded payments that will be rolled out gradually across the country, turning N26 into a one-stop financial management app.
Integrating iDEAL within its services also paves the way for N26 to facilitate peer-to-peer (P2P) payment requests through the Dutch P2P payment gateway Tikkie.
According to a report by N26, the Dutch market has adopted a digital-first economy where 91% of the population has already embraced digital payments alongside debit cards. With this data in mind, iDEAL’s 70% market share of e-commerce payments in the country makes it the ‘ideal’ payments partner, topping one billion transactions per year.
Jérémie Rosselli, General Manager at N26 for France & BeNeLux, highlighted the importance of the partnership for N26 clients due to the easy access to payments it gives them. (quote?)
One of the features includes online shopping and payments on the N26 app without the need to know the beneficiary’s bank details. Instead, payment details are automatically filled in by scanning a QR code or clicking ecommerce payment links, after which the beneficiary reviews and confirms the transaction which is made on the SEPA network.
In addition to Rosselli’s statement, iDEAL’s CEO of Currence Daniel van Delft, commented that iDEAL’s goals closely align with those of N26, and that both firms share the vision of an improved Dutch financial ecosystem.
