Mollie launches iDeal competitor Pay by Bank

Payment company Mollie has launched a new alternative to the popular Dutch payment method iDeal. The new system, a white-label solution called ‘Pay by Bank’, is designed to compete with both iDeal and the upcoming Wero system.

Unlike Wero, which includes buyer protection features criticized by some payment companies, Mollie’s solution focuses on simplicity. A key characteristic of the service is that payments are irrevocable and cannot be reversed by consumers, mirroring the functionality of the current iDeal system.