In a few years, Dutch players will no longer be able to use iDEAL, a widely accepted payment method, for transactions in online casinos, as this popular Dutch payment system is set to undergo a significant change.
This transformation stems from the acquisition of iDEAL and its technology provider Payconiq by the European Payments Initiative (EPI), a European payments network created by multiple European banks including Rabobank and ING Bank.
Continued Use of iDEAL for Now
Despite the takeover, Dutch users can continue to utilize the iDEAL service for the time being, stated a spokesperson from Currence, the current owner of iDEAL.
Immediate impacts on consumers and merchants are not anticipated.
Instead, iDEAL will play a vital role in EPI’s international payments network development.
EPI: A Collaborative Initiative of 12 Banks
EPI, a cooperative venture initiated by 12 banks, plans to launch a digital wallet with peer-to-peer (P2P) functionality by the end of 2023, initially piloting in France and Germany.
The new platform, envisioned to be akin to Apple Pay and Google Pay, will gradually be expanded to other European nations.
Since 2005, iDEAL has been a standard online payment method in the Netherlands, boasting an impressive annual usage for 1.2 billion transactions.
This accounts for over 70% of all online payments, cementing iDEAL as an integral part of the Dutch payment landscape.
Almost all Dutch consumers can access iDEAL.
On peak days, it handles over six million transactions.
iDeal Alternatives in Online Casinos
While online casinos with iDeal have won the hearts of many players, it’s not a universal sentiment.
Indeed, numerous patrons prefer other deposit methods, primarily due to iDeal’s lack of withdrawal capabilities which force users towards slower bank transfers.
For those unwilling to play the waiting game, various alternatives are offered by casinos.
It’s often noted that a Volt bank transfer is your fallback option if your chosen method can’t process withdrawals.
Some casinos now permit deposits with Volt.
Not all casinos accept it due to the labor-intensive processing, but if you prefer traditional methods or resist creating an external account, a bank transfer might be your solution.
Patience is required as depositing via Volt Bank Direkt takes as long as withdrawal with this method.
When considering security, Trustly mirrors online casino iDeal.
The method operates identically, logging in via your trusted bank and transacting with familiar details.
Trustly possesses an advantage – it can verify your identity at the casino, rendering a KYC check redundant.
Plus, unlike iDeal, Trustly permits casino withdrawals.
Opt for a no-account casino powered by Trustly, and this process is further accelerated.
Credit cards – an enduring payment staple recognized globally.
Traditional yet resilient, safe transactions have been executed using a credit card, like online casino Visa, since the dawn of internet commerce.
Many players wouldn’t have it any other way, accepting credit card fees as part of the package.
This acceptance seems logical for those who utilize their card beyond online casinos.
Speaking of anonymity, no conventional currency method is more secretive than a prepaid card like Paysafecard.
Acquired with cash, no identification required, the source of your online casino funds remains unknown.
Ideal for players receiving third-party funds, direct deposits to your account are bypassed.
The casino blocks all transactions not aligned with a bank account in your name, but Paysafecard provides more flexibility.
Mobile Phone Bill Payment
A relatively new, yet not universally accepted method, is payment via your mobile phone bill.
Simple SMS triggers a deposit, ensuring high security as only those with access to your phone can authorize a deposit.
No need to share financial data, you pay when your monthly phone bill arrives.
However, high rollers may find the deposit limit of €30 restrictive.
Increasingly, online casinos offer deposits using Bitcoin or other cryptocurrencies.
This method adds a layer of anonymity, appealing to many players.
Crypto enthusiasts champion its widespread acceptance as a valid payment method.
However, bear in mind the volatility risk – your winning could evaporate if Bitcoin’s value plummets.
Of course, the opposite can occur, doubling your winnings.
A Uniform Payment Standard
EPI’s acquisition of iDEAL and Payconiq is expected to aid in creating a uniform payment standard across Europe and assist in the integration of the diverse payment methods currently in use throughout the region.
While Dutch players may no longer use iDEAL to deposit funds into online casinos, the emerging EPI platform will likely offer new payment methods that are just as convenient and easy to use.
Until then, Dutch players can continue making deposits using iDEAL, credit cards, or other available payment options.
An All-in-One Digital Wallet Solution
EPI shareholders share a common goal: delivering greater value for consumers and merchants throughout Europe.
EPI plans to introduce a multifaceted digital wallet solution enabling instant, account-to-account payments under a unified brand across European countries.
EPI’s ambitious product roadmap addresses a comprehensive range of use cases. Initially, it will enable P2P and person-to-professional (P2Pro) payments, followed by online and mobile shopping payments, and point-of-sale transactions.
Supported transactions will include one-off payments, subscriptions, installments, payments upon delivery, and reservations.
Moreover, value-added services, like responsible ‘Buy Now, Pay Later’ (BNPL) financing, digital identity features, and merchant loyalty program integration, will be incorporated over time.
The EPI digital wallet, equipped with P2P payment functionality, is set to debut for first users in France and Germany by the end of 2023.
A broader market launch in Belgium, Netherlands, France, and Germany is scheduled for early 2024.
These markets account for over half of all non-cash payments in the Euro area.
Expansion to other European countries will follow.
EPI is actively collaborating with its members to develop this solution and prepare for its implementation and roll-out.