The Netherlands is the market with the highest dominance in Europe of a single national payment method. iDEAL, operated by Currence (acquired by EPI in 2023), accounts for about 70% of e-commerce payments, underpinned by a debit-centric consumption culture with low credit card penetration. Because consumers approve the transfer themselves directly in their own bank's app, the risk of non-payment or default is low. EPI (European Payments Initiative) plans to transition to the pan-European wallet Wero within a few years, but iDEAL is currently operating normally.

For Korean businesses selling online to Dutch consumers, iDEAL is the top priority to consider regardless of industry. From general commerce such as fashion and electronics to digital content and travel bookings, showing iDEAL on the first checkout screen is effectively a prerequisite for reducing local cart abandonment.

When a consumer selects iDEAL at checkout and specifies their own bank, they are redirected to their bank app (or scan a QR code) to approve the transfer themselves. As soon as it is approved, the merchant is notified that payment is complete, and the amount is received by Hecto Financial in euros (EUR), converted, and settled to Korean merchants in the contracted currency among USD, KRW, and JPY. Because logging into the bank app itself satisfies PSD2's SCA (Strong Customer Authentication) requirement, there is no separate card authentication step.

Integrating through Hecto Financial allows Korean companies to consider accepting iDEAL without a local entity or local bank account in the Netherlands. Whether support is actually available, and the settlement cycle, fees, and currency options, vary by industry and transaction volume, so confirmation with the sales team is needed before contracting.

• Business registration country

  Confirm whether contracting is possible on the basis of a Korean business entity

• Sales channel

  The integration method and priority differ depending on your online sales channel mix — own storefront, online marketplace, mobile app, etc.

• Product categories handled

  Confirm in advance whether your products fall under a restricted category per the iDEAL operator's merchant policy

• EU regulatory compliance

  Confirm compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

iDEAL transaction proceeds are generated in euros (EUR); Hecto Financial receives them locally, converts them, and settles Korean merchants in the currency chosen at the time of contracting among USD, KRW, and JPY. The settlement cycle follows the contract terms. Since iDEAL is transfer-based, there is no card-style chargeback, but refunds are handled as a separate money transfer, so it is advisable to design the return-refund process in advance to align with the EU consumer's 14-day right of withdrawal.

• De Nederlandsche Bank (Dutch central bank)Official information on the Netherlands' payment systems and supervisory regulations. If the content of this page differs from the actual regulations, the official source takes precedence.