Dutch payments company Mollie launches bank transfer service to rival iDEAL and Wero

Payment provider Mollie is introducing a new online payment tool that, according to the FD, is set to compete with iDEAL, Wero, and international players such as Mastercard and Visa. The service, called Pay by Bank, will first roll out in the Netherlands and the Uniter Kingdom. It is then expected to become available in the rest of Europe in the first half of 2027. The system is set to use direct connections with more than 2,500 banks.

“We are starting in the Netherlands because we can prove at scale right away that it works,” Mollie chief executive Koen Köppen said in a press release. "We are bringing more than a new product. We are building the infrastructure the next generation of European payments will run on."

Just like with IDEAL, Pay by Bank will use irrevocable payments, meaning consumers cannot reverse a payment through their bank after it has been made. That sets the service apart from Wero, the successor to iDEAL, FD reports.

The industry group United Payment Institutions Netherlands (VBIN) said it welcomes the new player. According to VBIN chair Maurice Jongmans, the payment method “looks more like iDEAL than Wero itself does.”

Arjan Bol, director of the Dutch Payment Association, said the new payment method gives consumers and businesses more choice. “You cannot dispute a transaction through your bank afterward. So you do need to be sure you are paying a trustworthy party.”

Mollie says its new product is built to run quietly inside a merchant’s own checkout. The bank transfer happens in the background while the shop’s own screen stays in front. Unlike Wero, which will add buyer protection in 2028, Mollie’s methid does not cover shoppers if a purchase goes wrong.

In the meantime, payment companies and online retailers are not enthusiastic about the buyer protection Wero is offering, RTL reports. They fear higher costs, more purchase fraud, and more paperwork. A customer could, for example, pay through Wero and then still falsely claim loss or theft and request a refund. Companies are also reportedly worried they will be left with orders from retailers that go bankrupt.