News and Articles

22/01/2024
Assisting Merchants, Streamlining Payments: YabandPay Becomes the Official Acquiring Institution for Dutch iDEAL

YabandPay’s collaboration with iDEAL’s CPSP has significantly increased its capacity to process payments.

Dutch customers utilize iDEAL to pay online at practically all commercial banks, including ABN Amro, Rabobank, and ING. With market penetration of over 70% by 2024, iDEAL dominates the Dutch payment scene, showing customer approval. The European Payments Initiative and Payconiq International recently purchased iDEAL, which will become a European Account-to-Account (A2A) fast payment system and versatile digital wallet.

Providing trustworthy payment solutions for Dutch e-commerce and brick-and-mortar companies, iDEAL processes billions of transactions annually. Its fast payment method and coordination with central banks let customers complete payments quickly, boosting Dutch e-commerce.

The Importance of the Dutch Payment Market:

In terms of significance in the Dutch payment market, iDEAL’s success is evident in its high coverage of substantial transaction data and its active promotion of the domestic business ecosystem. By offering a secure and convenient payment method, iDEAL facilitates safe and simple payment, enabling worldwide merchants to access the Dutch market and effectively target customers. This is strategically significant to the Netherlands because it is a globally accessible market.

YabandPay has been integrated as iDEAL’s CPSP

After a thorough evaluation, YabandPay B.V. has obtained the status of iDEAL’s CPSP (Collect Payment Service Provider). YabandPay’s payment solutions have become more diverse with this expansion. However, it is important to note that only as a member of iDEAL’s CPSP can YabandPay provide merchants with iDEAL payment options.

As a member of CPSP, YabandPay provides merchants with a full iDEAL payment solution that includes QR code payments and pay-by-link, effectively reducing payment processing time by 50% and facilitating efficient expansion into the Dutch market for retailers. Merchants that use YabandPay can expand their operations into the Dutch market and benefit from expedited and more transparent settlement processes. YabandPay’s accreditation as iDEAL’s Verified Payment Service Provider (CPSP) demonstrates its adherence to iDEAL’s requirements for security and integrity. This guarantees merchants can rely on YabandPay to provide a secure and dependable payment service.

Integration of technology and support for partners:

YabandPay has integrated iDEAL into multiple payment plugins, including Woocommerce, Prestashop, Magento, Opencart, CS.Cart, and Shopware. Meanwhile, YabandPay’s ecosystem partners have comprehensively enhanced their support for iDEAL. This includes WeChat Mini Program SaaS providers such as Youzan Mall, Weimicro Mall, and iMenu. YabandPay offers an extensive API interface, enabling merchants to integrate and use iDEAL easily. YabandPay, with its extensive expertise in consolidated payments, has expanded its payment network for European businesses, providing a more complete payment solution.

Strategic Importance for Chinese Commerce:

The Netherlands is a significant trading partner of China within the European continent. The Netherlands ranked second in China’s trade with the European Union in 2023, trailing only Germany. Conversely, the Netherlands exhibits the highest level of investment in China among European Union member states, contributing more than half of the total EU investment in China. Hence, the selection of YabandPay, renowned for its resilient aggregated payment functionalities, is important for Chinese merchants seeking to enter the Dutch market.

In summary, YabandPay, serving as an iDEAL CPSP, offers dependable and effective payment solutions to merchants seeking to extend their European activities. These solutions assist them in managing the complexities associated with diverse currencies and settlement protocols across multiple countries and regions. By improving their ability to fulfil the payment requirements of the European market, merchants can bolster the effectiveness and safety of global commerce.