Payment Methods in The Netherlands: An Overview
First things first, when it comes to the Payment Methods in The Netherlands, it can be said that an ideal payment method does not exist yet. With a wide variety and list of payment methods, this small country in Europe plays a big role. If you are thinking about expanding your business to the Netherlands, this article is the right fit. Keep reading to find more about everything from The Netherlands payment methods to some insights on online payment tools within the country.
Within the Netherlands, e-commerce is quickly growing as an industry, with a 13% increase in turnover from the previous year. This increase goes across all products showing consumers are more comfortable turning to the internet for all the retail needs which increases the need for e-commerce payment methods in general. That being said, it does also show that people in The Netherlands are less trusting of foreign brands vs. local ones. Meaning, anyone wanting to enter the market in The Netherlands should be wary of this. That’s why entering the Dutch market requires business owners to be informed about types of payment methods in the country as well as the best online payment methods trusted by the consumers.
Furthermore, studies show delivery is extremely important in the Netherlands. Users expect to receive their packages at the expected date and are not a fan of pick up locations. Our take out here is; for the Netherlands instant payments are not the only important factor here, as you might have heard before, but also the ease of receiving a delivery and using local and different payment methods will lead your way to success.
Payment Preferences of Dutch People
Before we dive deep into the Netherlands payment statistics, there is one other important thing you need to do if you’re considering to operate in the country: when compared to the English versions, websites offering Dutch options are the key to success. We told you, being local is the key here in this land. One last addition to this info might be the fact that 87% of Dutch people access the internet via their mobile devices and the Netherlands mobile payment options are on the rise. This means that if you’re going all in, please do not forget to start working on your app!
As it turns out, one of the most popular payment methods in The Netherlands is iDeal. It is a bank transfer payment method allowing customers to make payments with any of the major Dutch bank groups. This form of bank transfer is preferred by 50% of the population followed only by 30% with prepaid cards. Far lagging behind, that is credit cards holding on 8% of the population. Currently, bank transfers are dominating the market but cards and eWallets are making considerable gains as well. As for 2021, here is the most preferred Dutch payment system:
- Bank transfer: 58%
- Digital Wallets: 8%
- Cards: 20%
- Online card payments worth 3.6 Billion € for now and are expected to grow by 29.2% by 2021.
- eWallet transactions are expected to grow 23.5% at the compound annual growth rate by 2021.
- PayPal is the most common online payment method within the eWallet options. Thanks to its availability worldwide, the Paypal payment method should be considered by all business owners.
What is the state of the most popular online Payment Methods in The Netherlands?
The Netherlands as a country is quite small. However, that does not mean it is not mighty. Currently, its eCommerce value is estimated to be around 17 billion dollars. Significantly less than some of the larger countries in Europe. Despite this, the GDP per capita is quite high and keeps up with some of the biggest countries at a little over 49,000 USD. What does this mean? That despite being a small country, people generate enough money to spend, and therefore in terms of the ration of the e-commerce market to GDP per capita it is doing better than many other countries in Europe. Online payment methods for small business have been on the rise, and alternative payment methods in the Netherlands should also be adopted if you’re willing to provide a variety of options to your customers.
List of Payment Methods in The Netherlands
- The most common payment method in the Netherlands.
- Payments are done in the environment of the customer’s own bank.
- No need to register. It can be used directly if the customer’s bank is a participant.
- Also referred to as “Neobank”.
- Transparency is valued.
- A local brand offering customers to decide where their money will be invested.
- A new brand identity of SoftorBank.
- One of the main the Netherlands payment system.
- A must-have for businesses operating in the e-commerce sector.
Visa / MasterCard / American Express / Discover
- Credit cards are the most common way of purchasing in online shopping in the country.
- Global companies such as Visa, Mastercard, AmEx, and Discover make it possible to shop online and offline.
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