In addition, customers made 5.8 million payments via giropay in the 2010 fiscal year. Moreover, goods and services worth around EUR 362 million were purchased online via giropay.
Introduced in February 2006, giropay allows customers to carry out purchases on the internet using direct online transfers from their bank account. The system is similar to the Dutch iDEAL payment system, the Interac Online service in Canada and Secure Vault Payments in the United States.
giropay is a joint project of German retail bank Deutsche Postbank, the Sparkassen financial group and the IT departments of the Volksbanks and Raiffeisenbanks. giropay is also accepted via online payment systems such as PayPal and ClickandBuy or directly in the online shops of vendors.
In recent news, three national online banking-based e-payment systems, namely Austria-based eps, Dutch iDEAL and giropay, have started to run a “proof of concept” exercise of interoperability in the SEPA market, using the European Payments Council’s (EPC) work on e-payments as a starting point.
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