iDEAL 2.0 and why local payment gateways matter for your business
A smooth payment experience can be the deciding factor between a completed purchase or an abandoned cart. 70.19% of online shoppers abandon their carts, with 13% citing a lack of preferred payment options as the reason. That’s a significant amount of lost revenue but one that merchants can proactively reduce by offering the right mix of payment methods.
The power of local payment preferences
The success of the Dutch payment gateway iDEAL, which processed €141 billion in transactions in 2024, proves the impact of aligning with local payment preferences to increase trust and conversions. However, as customer behaviors evolve, so do payment methods. iDEAL is set to transition to Wero, a new pan-European payment solution. Wero has already been introduced in Belgium, Germany and France and will eventually be rolled out in 2026.
Staying ahead of these shifts is essential for businesses looking to maintain a competitive edge in the global e-commerce landscape.
Understanding payment gateways for a better checkout experience
A payment gateway acts as the bridge between customers and merchants, ensuring secure and efficient transactions.
Local payment gateways (e.g. IDEAL, Bizum, Bancontact) cater to regional banking preferences and typically offer lower fees.
Global payment gateways (e.g. Visa, Mastercard, PayPal) provide broad reach but can come with higher costs and fewer localized features.
For businesses looking to connect with their customers, balancing a mix of local and global payment options is crucial for optimizing checkout experiences and increasing conversion rates.
How iDEAL 2.0 is shaping Dutch payments
Why iDEAL 2.0 matters
Since its launch in 2005, iDEAL has been the dominant payment method in the Netherlands, thanks to its trusted and convenient process. However, with changing customer expectations, iDEAL 2.0 launched in 2023, introducing new features that further simplify the payment journey.
Key features and their impact
Stored preferences: Customers can create a profile on the new iDEAL payment page to store payment preferences and details, reducing checkout friction.
Fast payments: Customers can approve payments via QR code or pre-select their preferred bank, increasing speed and convenience.
Integrated checkout: Customers can share delivery details directly from their iDEAl profile, enhancing their shopping experience.
This evolution of iDEAL reflects a larger industry trend – payment solutions are continuously innovating to align with customer preferences and expand their role in the payment ecosystem. Whether that is through prioritizing speed, security or convenience, these shifts highlight the ongoing effort to refine and enhance digital payment experiences.
Key insight: While debit card spending in the Netherlands increased by only 2.8% in 2024, iDEAL transactions surged by 13%, underscoring the demand for local payment solutions.
The role of local payment preferences in European e-commerce growth
Across Europe, consumers overwhelmingly prefer regional payment solutions that align with their banking habits. Merchants looking to solidify their place in the market must adapt their payment strategy to meet these local preferences.
Belgium: Bancontact leading mobile payments
Over 2 billion Bancontact transactions in 2023
Mobile payments surged 34% year-over-year, reaching 368 million transactions – 10x growth since 2018.
84% of online payments were made via smartphones, primarily using QR codes with Bancontact apps.
Italy: The growth of digital payments & BNPL
Bank transfers and digital wallets are dominant with MyBank enabling secure direct transactions.
BNPL transactions have more than doubled in two years, reflecting shifting consumer spending habits.
Spain & Portugal: Bizum and Multibanco dominance
Spain – Bizum: 27 million users and widely adopted for instant mobile payments.
Portugal – Multibanco: Used in 85% of online transactions, making it a must-have for merchants in the Portuguese market.
Wero and the evolution of European payments
The European Payments Initiative (EPI) is introducing Wero, a pan-European payment system designed to unify and simplify digital payments across borders.
Why Wero?
The ambition behind Wero is to provide a sovereign European unified payment solution, addressing the needs of both consumers and merchants. It aims to foster innovation and compete with global players like Visa, Mastercard and Alipay according to EPI CEO, Martina Weimert.
What Wero will bring to the market
Cross-border instant payments: Real-time transactions without the need for country-specific payment methods.
Standardized infrastructure: A single, streamlined system for merchants across all European markets.
Stronger adoption: A trusted, pan-European alternative to existing local payment schemes.
Key development: Payconiq is currently being migrated to Wero, while iDEAL is set to begin its transition, with full migration planned for 2026.
Future-proof your payments with MultiSafepay
Navigating payment shifts like these isn’t always straightforward. While Wero promises a seamless pan- European solution, its real impact remains to be seen.
With the right Payment Service Provider (PSP), business can already seamlessly integrate a wide range of local and international payment methods, making cross-border transactions more efficient and tailored to customer preferences.
As new payment schemes emerge, merchants will need to assess their costs, ease of integration and adoption rates – all areas where the right PSP can provide guidance and support.
The future of payments is evolving – are you ready?
To stay ahead, you need a payment partner who understands these shifts and helps you navigate them strategically. Whether you’re expanding into new markets or optimizing your checkout experience, the right payment strategy makes all the difference.
MultiSafepay provides the solutions, insights and expertise to help your business grow, reduce cart abandonment and deliver the seamless payment experience your customers expect.
Get in touch with our team today to start optimizing your payment strategy.
