Giropay is a popular digital payment solution most popular in Germany, but accepted throughout Europe and beyond. Giropay connects a consumer's bank account with the merchant's website or app. When a user wants to make a purchase, the website or app redirects them to their connected bank’s login screen, where they will be asked to verify their identity, as well as the transaction.
The Giropay Network connects most of the major banks in Germany, so that they can process payments made through their network. It's one of the biggest networks for online payments in Europe, with over 1 million transactions processed every day by 50 million users across Europe.
With Giropay, merchants receive payment immediately.
Giropay is available at nearly all major banks in Germany and Austria, as well as at some smaller banks that serve specific regions or industries (such as agriculture). The service is also available at many online stores such as Amazon and Zalando.
Giropay charges merchants 0% of each transaction fee up to €0.99; then charges on a scale based on the amount of the transaction: 1% for purchases between €0.99 and €2,999, 2% for purchases between €2,999 and €5,000, 3% for purchases between €5,000 and €10,000, and so on.