giropay was introduced in 2006 and is supported by more than 1,500 German banks. It is a popular acceptance method for merchants, because it gives their customers a quick, easy to use and secure online method to pay for goods and services via their own bank account. With giropay merchants are guaranteed their funds and they will greatly benefit from not having to deal with chargebacks.
In addition, giropay is an excellent alternative payment method that can be offered to those shoppers that do not have or desire to use their credit card online. Shoppers feel comfortable and secure because their payment is facilitated by their own bank, which eliminates the risk of fraud or default. Furthermore, a giropay transaction is free of charge for the shopper, and their transaction history and payment details can be viewed in their own banking reports.
With a population size of over 82 million people, giropay represents a significant portion of Germany’s online payment traffic (35 million potential shoppers). Germany is ranked 5th in the world in terms of online sales, with alternative payments being strongly preferred to card payments. 60% of the population (48.5 million) shop online, of which 14.1 million shop cross-border.
giropay offers high level of security, real-time confirmation of payment authorization and possibility of immediate shipping of goods.