The Girocard-former EC card-gets a new function. This could be competition for PayPal and Apple Pay.
- Girocard gets new function: Consumers benefit from innovation of the EC card
- New function of the Girocard: Uniform online payment methods planned for EC card
- Girocard gets a new function: strong user growth targeted
Dortmund-With the digital Girocard, the credit industry wants to offer an alternative to the well-known online payment services. There are therefore some changes for bank customers with an EC card.
Girocard gets new function: Consumers benefit from innovation of the EC card
Germany’s banks and savings banks are aiming for a uniform online payment method. According to CHIP, the merging of the payment systems should enable to pay in the simplest way and quickly transfer money from account to account-regardless of which bank the account is ultimately conducted (more digital news at digital Girocard)
An alternative to the well-known online payment services such as PayPal and Apple Pay is to be created. After the start of last year, Germany’s banks and savings banks prepare the next step to standardize their online payment methods. Recently there were already changes to the Sparkasse.
New function of the Girocard: Uniform online payment methods planned for EC card
“The contractual and technical foundations for the integration of the digital girocard are currently being created,” the German banking industry told the Deutical press agency (dpa) . “The integration of the Girocard as a further access route in the Giropay online payment method should start in the second half of the year,” it continues.
First, the digital girocard will be available to customers of the cooperative financial group. This includes around 800 Volksbanken and Raiffeisenbanken, the Central Bank DZ Bank, the companies of the DZ Bank Group-from Bausparkasse Schwäbisch Hall to Union Investment-and various special institutions.
By the end of this year, Sparkasse customers should also use the online payment procedure “before it is rolled out for other institute groups,” said the five banking associations organized in the German credit industry. The conclusion of the integration is then “expected in the second half of 2022”.
Girocard gets a new function: strong user growth targeted
“Almost the entire German credit industry with a total of around 1,500 banks and savings banks” is involved in the implementation measures. In March of last year, the associations had already announced that they are merging their online payment methods Paydirekt, Giropay and Kwitt under the Giropay brand.
According to the information, the new giropay procedure has so far counted around 7.5 million users. In this way you pay in more than 27,000 online shops. At the beginning of last year, Giropay and Paydirekt are said to have covered the two percent of the German market for online payments.
However, there would be the potential to increase the market share up to 50 percent. The US competitor PayPal receives comparatively according to their own information on over 29 million active customers in Germany.
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