With the rise of European Payments Initiative (EPI), the banks have reportedly decided to abandon paydirek/Giropay in favour of supporting the new solution, The Paypers reports. According to previous reports, the decision was made in light of paydirekt/Giropay’s less-than-ideal acceptance rate. By comparison, PayPal has reportedly grown its market share in Germany and currently has around 35 million active customer accounts.
The German banks’ decision to shut down paydirekt/Giropay comes right before the launch of wero, EPI’s digital wallet solution set to go live in mid-2024.
___________
Paydirekt is a mobile and online payments initiative of Germany’s largest banks, including Deutsche Bank, Commerzbank, comdirect, Sparkassen Finance Group, and Postbank.
Launched in 2015, paydirekt was designed as a way for online shoppers to pay directly from their bank account. Later in 2021, payment platforms paydirekt, Giropay, and Kwitt merged under Giropay. The goal of the merger was to create a uniform payment brand and to optimise payment methods for customers and retailers alike. Following the merger, paydirekt became one of PayPal’s biggest domestic competitors in Germany.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
