Savings banks: Thousands of customers benefit from the new EC card function

Savings banks: Thousands of customers benefit from the new EC card function
Written by insideindyhomes

Also at Volksbank and Co.

The Girocard – former EC card – gets a new function. This could become competition for PayPal and Apple Pay.

Dortmund – The credit industry would like to offer an alternative to the well-known online payment services with the digital Girocard. There will therefore be some changes for bank customers with an EC card.

Bank card giro card
meaning EC card
Deployable Germany

Girocard gets a new function: Consumers benefit from the EC card innovation

Germany’s banks and savings banks are striving for a uniform online payment process. According to information from chip make it possible to pay in the simplest possible way and to transfer money quickly from account to account – regardless of which bank the account is ultimately held with (more digital news at RUHR24)

This should create an alternative to the well-known online payment services such as Paypal and Apple Pay. After the starting signal last year, Germany’s banks and savings banks are preparing the next step to standardize their online payment processes. Only recently there have already been changes at the Sparkasse.

New function of the Girocard: Uniform online payment procedure planned for EC cards

“The contractual and technical foundations for the integration of the digital giro card are currently being created,” the German banking industry said German Press Agency (DPA) With. “The integration of the Girocard as a further access route in the online payment method Giropay should start in the second half of the year,” it continues.

First of all, 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 the Bausparkasse Schwäbisch Hall to Union Investment – as well as various special institutions.

By the end of this year, savings bank customers should also use the online payment method, “before it is rolled out for other groups of institutes,” explained the five banking associations organized in the German banking industry. The completion 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 banking 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 would merge their online payment methods Paydirekt, Giropay and Kwitt under the Giropay brand.

The bank fee dispute in Germany continues (icon image).

© Fabian Sommer/dpa

According to the information, the new Giropay process has around 7.5 million users so far. You can pay in this way in more than 27,000 online shops. At the beginning of last year, Giropay and Paydirekt are said to have covered around two percent of the German market for online payments.

However, there is potential to increase the market share to up to 50 percent. According to its own statements, the US competitor Paypal has more than 29 million active customers in Germany.

List of rubrics: © Fabian Sommer/DPA

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