Customers can select their account directly and log in with their usual banking credentials. There is no need to create a separate account and no customer data is stored. After completing a transaction, the online shop receives a transaction confirmation and can process the order directly.
In Germany, direct payment, especially through SOFORT, is a very popular payment method. According to the ECC Payment Study 20, 11.8 percent of all online retailers in Germany have introduced SOFORT as a new payment method in the last 24 months, 4.8 percent have introduced paydirekt. Furthermore, the online payment method giropay is available to over 35 million online banking customers in Germany through more than 1,500 participating banks and savings banks, with new institutions being included. Other suppliers include Trustly, Eps or Rapid, a product of the Paysafe Group. iDEAL is very popular in the Netherlands. SCAN4FIN analyzed seven providers.
The results of the analysis are independent and not considered as advertising for any of the affected products.