An Overview of Giropay Casinos
It is important to point out for UK based people that this service is completely unrelated to the similarly named Girobank. This service was run by the UK’s Post Office network (previously GPO). It was formed in the late 60s, operating continually before being sold to the Alliance and Leicester Building Society in 2003. Girobank is no longer operating as an independent service. Indeed, Alliance & Leicester is now itself defunct, having been absorbed by the Spanish banking group Santander.
The entirely separate German operating Giropay was founded in 2005 by Deutsche Postbank, one of the major German banks. It is administered by a small sub-division of the main bank, responsible for the employment of around a dozen people. The Giropay operation is based in Frankfurt.
The payment service is in widespread use throughout Germany and neighbouring Austria. The German financial and banking system is very different to that found in the United Kingdom, with banks in Germany separated into three different sectors. In addition to its compatibility with its Deutsche Postbank owners, Giropay is also accepted by members of an additional tier of German banking which is broadly equivalent to UK building societies.
This means that Giropay is widely accepted across Germany, with an estimated reach of over 85% of the German banking market. An additional upgrade was introduced in September 2019, which enables the service to be compatible with previously non-participating banks. This means that the payment can now be used in almost all banks and other financial institutions throughout the country.
In addition to its use for commercial purchases with online stores and merchants, Giropay can also be used to pay utility bills and to make official national and local government payments. This is because it is accepted by over 1500 city councils throughout the nation, as well as other municipalities and official government and local authorities.
This widespread acceptance by banks, government services and retailers means that more than 45 million people are able to use Giropay. Its safe, secure and convenient operation means that it is one of the most popular payment methods in use across the German nation.
Giropay is now becoming more widely available across the continent of Europe, beyond its German speaking homelands. This increased usage is not just the result of German people working abroad. Other European nationals find its ease of use and convenience surpasses the financial services available from their own countries’ banks.
How Do Giropay Casinos work?
To use Giropay, customers must already have a banking current account. Giropay does not offer credit. Instead, all purchases are paid for by funds withdrawn directly from the customer’s own bank account. There is also no need for any additional registration with the service, as all transactions are completed using the customer’s own online banking environment
Customers must have a German bank account, and be registered for online banking. Look for the Giropay option at your progress play casino banking page.
After confirming your sale, you will be asked to select which bank from which you wish the payment to made. You will then be re-directed to your own bank’s online service. You then log in using your usual online banking credentials and password. The transaction is completed with a Transaction Authentication Number (TAN). This is similar to a PIN, but is a unique once only code, used to increase the security of online transactions.
At this point, the retailer / service provider is guaranteed their funds, which are deducted directly from the customer’s bank account. Customers then get confirmation of payment from their bank, and can then return to the website of the company or service they have bought from.
There is no charge for using this service. Instead, the retailer or service provider pays a small commission charge (less than 1%), for accepting your payment. Additional merchant fees may also apply in some cases, but as a customer, your transaction is free of any additional charges.
Giropay is becoming ever more widely available as a payment option at United Kingdom licenced online gaming venues. It is always provided as an option at Progress Play powered casinos, so look out for it when you make a deposit at your chosen site.