The latest update from the Netherlands’ leading payment method, iDEAL, reveals that starting mid-April, consumers can now create accounts, enabling faster and safer online shopping experiences. This enhancement boosts conversion rates and customer satisfaction for online retailers and provides added convenience for consumers. Currently, iDEAL processes approximately 1.3 billion transactions annually, representing 73% of the total online shopping volume in the Netherlands.
Enhancing the iDEAL Payment Experience
The upgrade of iDEAL aims to provide consumers and merchants (such as online retailers and independent e-commerce entrepreneurs) with faster and safer payment processes and experiences. By directly configuring user information, such as addresses, from the iDEAL backend, online shops (or independent websites) can expedite checkout, increasing website conversion rates, sales, and customer satisfaction.
Additionally, data storage will now be centralized within the stable iDEAL system rather than individually stored within each online retailer’s system, ensuring safer and more reliable transactions. Furthermore, data sharing will only occur with consumer consent, and there will be no additional charges for consumers or online retailers due to the new features. The rollout of iDEAL accounts will occur in phases: ING customers can create iDEAL accounts starting April 17, while customers of other Dutch banks will follow on a later date, and customers of different banks can begin today.
Technological Innovation and Future Focus
Consumer demand and online retailers’ sales goals are the driving forces behind the reform of iDEAL. Daniel van Delft, the CEO of iDEAL, stated: “iDEAL has always been a fast and convenient payment and receipt method, and our goal is to take it further. The days of filling in detailed address information with each purchase are gone. Consumers with iDEAL profiles can share their payment details and more information as needed with mutual permission with online retailers. This makes the payment experience even smoother.”
Boosting Conversion Rates for Online Retailers
For online retailers, iDEAL’s new features offer several advantages, including higher conversion rates and faster checkout processes, which mean users need to complete fewer steps to make a purchase.
Of course, consumers can still opt for the traditional iDEAL payment method without the need for new features. This flexibility ensures that iDEAL users can choose the payment method that best suits their needs.
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