What is Giropay? Giropay Review, Features

Giropay is an online payment method using internet banking that is simple, fast and secure. Giropay was jointly established in February 2006 by Postbank, Sparkassen-Finanzgruppe and Volksbanken-Raiffeisenbanken.

About Giropay

Giropay provides online payment with more than 1,500 banks in Germany, which is safe and reliable. When using Giropay to pay, the system will be directed to your online banking account opened in the bank through a secure connection, and then you can log in with your PIN code and confirm the payment with the transaction password.

·To date, more than 20 million online banking users have used Giropay for payment; data shows that 80% of German online banking terminal users use Giropay. With the increase in the number of participating banks and sales outlets, the market acceptance of the payment system is also continuing to expand, and the usage rate is doubling every year. Giropay provides real-time and convenient order operations, high security, and transaction payment guarantees of up to 10,000 euros.

Basic Situation

· Countries covered: 80% of German local banks.

Payment type: Online banking transfer.

Transaction restrictions: No restrictions.

Supported currencies: Euro (EUR/€).

Payment features: no deposit required; no chargebacks; real-time transactions; simple operation process; high usage rate among target groups.

Payment Process

To pay with Giropay, you only need five simple steps:

Step 1: Select Giropay as the payment method on the website;

Step 2: Consumers log in to their Giropay account and only need to enter their account number and bank code;

Step 3: Giropay conducts online real-time transfer;

Step 4: Giropay confirms the transfer is complete;

Step 5: Return to your website and the transaction is complete.

Summarize

In Germany, Postbank, Savings Bank and Commerzbank all offer Giropay services. 80% of Germany's 20 million online banking users use this service. The advantages of online Giropay are: numerous banks are connected to the Internet, and the transfer operation interface is simple and clear.

Trading Volume

- By May 2007, Giropay had already handled over 100 million euros in purchases.

- In 2008, the Giropay system processed 3.2 million transfers with a total transaction value of 185 million euros.