Dutch payment provider Mollie is launching a new online payment service designed to compete with iDEAL, Wero and major international payment networks such as Visa and Mastercard.
Called Pay by Bank, the service will initially be introduced in the Netherlands and the United Kingdom before expanding to other European markets in the first half of 2027. Mollie says the system will connect directly to more than 2,500 banks.
“We are bringing more than a new product. We are building the infrastructure the next generation of European payments will run on,” Mollie CEO Koen Köppen said.
Direct bank payments
Pay by Bank will allow consumers to pay directly from their bank accounts. Like iDEAL, payments made through the service will be irrevocable, meaning customers will not be able to reverse a transaction through their bank once it has been completed.
That distinguishes Mollie’s service from Wero, the European payment platform being developed as iDEAL’s successor.
The United Payment Institutions Netherlands (VBIN) welcomed Mollie’s entry into the market. VBIN chairman Maurice Jongmans said the new service “looks more like iDEAL than Wero itself does.”
Arjan Bol, director of the Dutch Payment Association, said the additional option would give consumers and businesses more choice, while warning users to make sure they are dealing with a trustworthy merchant before making a payment.
Mollie says Pay by Bank will be integrated directly into merchants’ existing checkout systems. The bank transfer will take place in the background, while customers will continue to use the merchant’s own payment interface.
No buyer protection
Unlike Wero, Mollie’s service will not offer buyer protection if a purchase goes wrong. Wero is expected to introduce such protection in 2028.
Buyer protection has itself become a source of concern among payment companies and online retailers. According to Dutch broadcaster RTL, businesses fear that the system could increase costs, fraud and administrative burdens.
Companies are also concerned about situations in which customers falsely claim that a purchase was lost or stolen and request a refund, as well as the risk of being left with unpaid orders if a retailer goes bankrupt.
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