GiroPay is a German fintech company that facilitates online payments by leveraging online banking PIN and TAN. Although the company was started in 2005, operations commenced in 2006. GiroPay's business model is similar to Dutch's iDEAL or Canada's Interac Online.
The founders of GiroPay are Deutsche Postbank, GAD, Fiducia IT, and Star Finanz-Software Entwicklung und Vertriebs GmbH.
Today, the brand is one of Germany's most dominant online payments solutions. According to Wikipedia, GiroPay processed over 3.2 million transfers totaling 185 million Euros in 2008. Today, GiroPay is a market leader serving over 45 million customers, equivalent to 54% of Germany's population.
One of the reasons for GiroPay's success is its partners. The company works with over 1,500 banks in Germany, translating to over 60% of all German banks. GiroPay offers users fast, convenient, and affordable money transfers. This is another reason it is a favorite among consumers (buyers) and merchants (sellers).
Despite the pandemic, GiroPay is continuing to grow. In 2021, the company merged with two other fintech, paydireckt and Kwitt, to become New GiroPay. This is a move to bolster the company's current account-based online payment services.