Giropay has 35 million users. This German online banking system was developed by three banking groups representing 80% of the German market. Apart from German customers, an increasing number of Austrians is using the payment method.
How does Giropay work?
Giropay’s payment process is similar to the iDEAL payment process in the Netherlands. Just as with iDEAL, transaction are irreversible. Payment is made through the payer’s own bank. Thus, in fact it is an online bank transfer that is initiated during a checkout. The payment can be completed with a PIN or TAN code. Apart from being an online payment solution, Giropay can also be used as identifier, for example for account details or to confirm if the customer has reached the age of majority.
- 80% of German market can use Giropay
- Transaction is irreversible
- Can be used as identifier