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Giropay is a web-based payment system that was first tried out within some parts of Germany’s banking industry in 2005. Then trial was a success and a full-fledged launch took place in February 2006. GiroPay was a big success and recorded transactions that surpassed 100 million euros by mid-2007. During the following year the Internet payment system processed 3.2 million transfers. Today Giropay processes more than one million transactions each month. Over 1,500 banks/savings banks offer Giropay to more than 35 million online banking customers.
GiroPay gives shoppers the ability to pay for goods/services using an online bank transfer. The platform uses a customer’s online banking details (PIN) and Transaction Authentication Number (TAN) in order to authorise payments. Payments up to 30 euros frequently do not require a TAN.
Many German banks participate in Giropay but the number in the private sector is small. The payment processor is very popularly throughout the EU and is used by millions of users. Each participating bank determines the level of security offered and one of the most common features is the two-factor authentication (2FA).