European Neobank N26 Integrates Dutch Payment Service iDEAL

N26, neobank, digital bank

European digital bank N26 has integrated the popular local payment service iDEAL into its banking experience in the Netherlands.

This move aims to enhance the banking experience for N26 customers in the country by providing a seamless and localized payment solution, the company said in a Thursday (Aug. 24) press release.

With the integration of iDEAL, N26 customers in the Netherlands will be able to make eCommerce transactions and transfer money to friends who do not have an N26 account, all within the N26 app, according to the release. This integration will also offer customers a more secure and complete online banking experience.

The rollout of the iDEAL integration has already begun, allowing the first group of N26 customers in the Netherlands to pay online with iDEAL, the release said. Gradually, all Dutch N26 customers will have the ability to make payments and transfers easily through iDEAL without leaving the N26 app.

iDEAL is the most popular online digital payment service in the Netherlands, with over 1 billion transactions per year and being used in approximately 70% of eCommerce transactions in the country, per the release. The integration of iDEAL into the N26 app will simplify the online purchasing process by automatically filling in payment details through scanning a QR code or using payment links on eCommerce websites.

“Simple, instant and secure, this localized solution specifically for the Dutch market will make paying online with N26 more seamless than it has ever been,” Jérémie Rosselli, general manager of N26, France & BeNeLux, said in the release.

Daniel van Delft, CEO of iDEAL, added: “The inherent innovative attributes of iDEAL align well with those of a neobank like N26. Both organization are resolute in their commitment to consistently enhance the sector.”

PYMNTS research has found that consumers in the Netherlands use the least cash out of eurozone countries because of the widespread success of iDEAL, which was introduced in 2005 as the country’s national digital payment system.

The relatively high connectivity of the Netherlands compared to other European Union countries opened the door to the nation’s embrace of digital payments, according to “How the World Does Digital: Different Paths to Digital Transformation.”