Customers employed the online payment method to purchase goods and services worth EUR 185 million, up 41 percent compared to 2007, according to data released by Bundesverband des Deutschen Versandhandels, the German E-Commerce and Distance Selling Trade Association. Overall, the German e-commerce market registered a 23 percent year-on-year increase in 2008.
Online shoppers who choose to pay via giropay select the payment method in question and are subsequently redirected via a connection to their online banking accounts. They log in with their PINs and proceed to confirm the payment with a TAN (transaction authentication number). When the transaction is completed, a notification is sent to the buyer.
giropay is a joint project of German retail bank Deutsche Postbank, the Sparkassen financial group and the IT service providers of the Volksbanks and Raiffeisenbanks.
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