The advantage over other payment methods: Merchants were not given access to the account and other bank details did not have to be transmitted. All of this remained on the house bank’s servers. But apparently only a few users appreciated this data protection advantage.
While Giropay said it was active on 35 million accounts, according to market researchers, the transactions in the German market only made up a few percent.
That’s why Giropay is now being switched off. Important to know: All orders via Giropay up to and including December 31, 2024 are still being processed. However, some retailers are already not accepting Giropay payments. Users can find out more about this via a Provider FAQ. The Wero process, which is planned for Europe-wide, is being developed as a successor.