GiroPay is fast and reliable German payment system. It is aimed to make payments for goods and services online.
Start Time - 2006. The owner of the system – giropay GmbH (Germany, Frankfurt) - is a joint project of Postbank and Volksbanken Rait Feisenbanken.
GiroPay provides users with a mechanism of banking transactions from home. This system is particularly popular in Germany, Austria and the Netherlands.
At the same time it is not a payment system in the full sense. It is rather settlement «gate» between the online store and customer accounts. To use GiroPay, you must have a bank account or bank card, which belong to partner bank of GiroPay.
Transactions are effected in the following way: a customer chooses the interested product or service at electronic trading platforms - selects GiroPay from the list of payment methods - then the buyer goes to a bank website and approves the transfer of funds via TAN special key. The seller receives confirmation of payment for the goods and sends the goods to the customer. So, special software in the transaction is not used.
GiroPay system is used to pay for goods and services only - option to transfer money between users is not available.
The main advantages of GiroPay:
Inconveniences of GiroPay. This payment system has a contractual relationship with mostly German websites. Use of the system requires having European bank account. GiroPay website is available in German only.