NEWSROOM

Giropay and 'eps e-payment' team up for cross-border online payments

FRANKFURT | Giropay and eps team up to offer an integrated payment solution for German and Austrian online shops. It will enables ecommerce merchants with operations on the German and Austrian ecommerce market to offer their shoppers cross-border payment in their familiar online banking environment.

In October of last year, Giropay and STUZZA, the operator of eps Online-Überweisung or eps e-payment standard, signed a letter of intent and together defined the overall conditions for this interoperability of payment networks.

Context: Online Payment Methods Giropay and eps

Giropay is a German online payment method which allows merchants to tap into German consumers through more than 1,500 German banks. Consumers with online banking can use giropay for free and without any registration.

Upon checkout, the consumer selects the giropay checkout button, is directed to its secure online bank environment, logs in with their bank credentials and confirms payment. Giropay costs include a start-up fee (100 euro), a monthly fee (10 euro), and between 0.60 - 1.20% commission fee per transaction (with a minimum of around 25 eurocent) depending on volumes.

eps 'Online Uberweisung'or eps e-payments, are similar to giropay payments: eps 'connects' the online payment systems of Austrian Banks to allow for instant online bank transfers (credit transfers), irrevocable and guaranteed to online merchants. Austrian shoppers from participating banks can pay with eps e-payment without any additional registration. The eps payment has to be authorized by the shopper with a known authorisation method (e.g. by SMS/mobile TAN or digital signature).

Both online payment solutions allow shoppers to securely pay online without the need to use cards or transmit sensitive card payment information to the merchant.

Animated-Linkedin-GIF---640x150-

Giropay and eps becoming 'interoperabel' - what does it mean for online shoppers?

Online-shoppers from Austria can now also pay cross-border to German online shops (and vice versa) using their trusted online home banking and do not have to rely on other online payment methods. Basically, nothing changes in the online checkout process when using giropay or eps: there is no different payment experience from customer point of view.

What does this mean for online merchants and businesses?

Because of the interoperability merchants in Germany and Austria are able to tap into eachother markets without the need to add additional local payment methods. Basically this interoperability opens up markets and new customers for merchants and consumers prefering online bank transfers for ecommerce purchases (instant confirmation, swift settlement, low transaction costs, or sensitive data to safeguard).

"We offer the opportunity to expand beyond national borders"

“With this interoperability we are addressing not just the wishes of our customers, who want to shop online in other EU countries as well while the European single market grows closer,” explained Joerg Schwitalla, Managing Director of giropay GmbH. “We are also offering online traders who use one of the two payment systems the opportunity to expand their customer base beyond national borders and to process transactions more easily.”

Sourced from several sources including Press Release, September 18th, 2014

  More Latest News
more about payments

Copyright © 2011-2016 | About-Payments.com | All rights reserved.   Legal   About Us