German banks launch bundled payment offer

Monday 10 May 2021 15:34 CET | News

Germany-based banks have announced continuing with the standardisation of their online payment methods. 

From 10 May 2021 onwards, the institutes will gradually offer customers and merchants a bundled payment offer for checking accounts. Consumers will be introduced to the new brand in a transition phase lasting several months. Sparkasse banks as well as Volks- and Raiffeisenbanken will be converting their mobile-to-mobile payment system Kwitt to ‘Giropay Geld-Senden’. In March 2021, banking associations of the Deutsche Kreditwirtschaft (DK) announced that they would merge their online payment methods Paydirekt, Giropay and Kwitt under the Giropay brand.

According to a German Savings Banks and Giro Association (DSGV) representative, the aim is to achieve a bundling of the payment offers in the German banking industry to organise the various approaches. With the joint approach, the German banking industry plans to enable consumers to transfer money quickly, regardless of which bank the user's account is held with. The German Federal Cartel Office has approved the consolidation of online payment processes that is now beginning.

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Keywords: product launch, payment processing, mobile payments, online payments
Categories: Banking & Fintech | Payments General
Countries: Germany
This article is part of category

Banking & Fintech