Direct Bank Transfers losing grip on Netherlands’ payment market
Bank transfers for online purchases slip, as debit cards gain ground
Amsterdam, 22nd November 2016 – Despite the recent dominance of direct bank transfer services such as iDEAL in the Netherlands, new research from Worldpay reveals they could be under threat, with Dutch shoppers increasingly turning to other payment methods. Worldpay’s latest Global Payments Report predicts that although bank transfers will still be the most widely used payment method in 2020, accounting for over half (53%) of online purchases, this is set to decline substantially from an overwhelming majority of 71% in 2015.
Instead more Dutch consumers will be paying with plastic as they increasingly choose debit cards when shopping online. Worldpay’s data forecasts that debit cards will see the biggest rise in eCommerce use, accounting for 13% of online transactions by 2020 – up from just 3% in 2015. Pre-paid debit cards will also see marginal growth, set to account for 7% of all online transactions by 2020, up from 2% today.
Ron Kalifa, Executive director at Worldpay said: “While bank transfer use in the Netherlands is flattening, the data shows it still has a strong market share, with services such as IDEAL helping to hold its own against the rise of alternative payment options. The continued success of bank transfers in this country highlights the need for international merchants to accept a range of payment options that reflects how Dutch consumers want to pay, both today and tomorrow.”
The latest findings suggest that while bank transfer use in the Netherlands is flattening, globally it is actually set to rise (from 11% to 13% by 2020); meanwhile payment methods such as e-wallets continue to be the norm (remaining at 30% until 2020).
Kalifa added: “While globally, bank transfers look set to solidify their position as a popular payment method, the past month has also seen both Apple Pay and Android Pay expanding on to mobile and desktop browsers globally, which represents an important tipping point in the evolution of the e-wallet. This is great news for merchants, who will now be better-equipped to serve consumer demand for a quick and easy payment experience.”
For more information from the Global Payments Report, and to download a copy, visit: http://worldpay.globalpaymentsreport.com/
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About the 2016 Global Payments Report
The 2016 Global Payments Report was compiled using a combination of Worldpay’s data and insights, external findings from Euromonitor, Datamonitor and ystats.com, and secondary data from more than 100 independent sources. The forward-looking statements and figures contained in the report are indicative predictions based on Worldpay’s own data and experience and should be treated as such.
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to over 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world.
Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types, by providing an end-to-end service including acquiring, treasury, gateway, alternative payments and risk management, all via a single integration to Worldpay. We make payments simple for many of the world’s leading organisations.
The information set out in this press release is for information purposes only and based on Worldpay’s research. Worldpay accepts no liability for the content of this press release, or for the consequences of any actions taken on the basis of the information provided.