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Consumers can now transfer money to each other with iDEAL

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In 2016, the market showed a clear need for iDEAL payments between two consumers – consumer-to-consumer or C2C payments – to settle shared expenses such as lunch.

Changes to the iDEAL rules

To meet this market need, Currence, represented by the Dutch Payments Association, amended the iDEAL rules. Until recently, iDEAL could be used only for payments to businesses such as online shops. Payments with iDEAL must remain secure and trusted for consumers, so Currence has drawn up requirements for parties that want to offer C2C services with iDEAL. These parties are known as C2C providers. Currence assesses them and, once a C2C service meets the requirements, the organisation is listed as a C2C provider on the Currence website.

Different C2C services

Currence sees various C2C services through which consumers settle amounts with one another. Payment service provider Online Betaalplatform, for example, offers its services in partnership with other organisations and platforms. These partners can now register private sellers as well as business sellers and allow them to receive payments for products and services through iDEAL.

Several other payment service providers also allow consumers to transfer money to or receive money from another consumer through a dedicated app, such as ABN AMRO’s Tikkie and Florin. ING and bunq offer this functionality through their mobile banking apps.

First C2C provider accredited

On 28 December 2016, Currence concluded the first Accreditation Agreement with payment service provider Online Betaalplatform. The solutions from ABN AMRO (Tikkie), bunq, Florin and ING are currently undergoing accreditation. These new developments complement existing ways of paying with iDEAL.

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