Dutch association Currence, the brand owner of iDEAL, has partnered with Payconiq International to deliver a major upgrade version of the Dutch online payment scheme, iDEAL 2.0. The upgrade is expected claims to provide significant benefits to consumers, payment service providers, and merchants.
iDEAL is responsible for more than 900 million transactions per year. On the other hand, Payconiq International is expected to handle more than a billion iDEAL payments per year in the long term.
Payconiq's infrastructure was chosen very quickly and it delivers a 2.0 version of Ideal from 1 January 2022.
The new solution is based on Payconiq International’s payment platform and aims to optimise payment flows to boost the user experience and facilitate merchant integration.
Besides, Payconiq will handle iDEAL payment traffic in the Netherlands, providing an application programming interface (API) that will enable merchants, banks, and other service providers to connect to the new iDEAL platform via a common access point.
As for iDEAL 2.0, it aims to improve the purchase conversion ratio by providing a new UX design and features for value-added services provided by Payconiq. Furthermore, the solution’s technical infrastructure aims to boost how issuers, acquirers, payment service providers, merchants, and consumers connect to iDEAL.
Payconiq claims to be the first European payment company to offer multi-country payment solutions that allow consumers to pay invoices online, in-store, and other individuals using smartphones.
The company aims to become a leading technology provider in Europe and expects this partnership with iDEAL to be a significant contribution towards that goal. With this development, Payconiq, Currence iDEAL, and affiliated payment service providers can develop new value-added services, such as a fast check-out service.
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