Giropay is a company based in Germany and offers online banking. The internet paying system was founded in February 2006 and has since grown to be a major player in online banking. So far, the system has processed millions in transactions and has eased how people buy and sell in Germany. A significant number of banks in Germany have allowed the use of Giropay in their system; other banks also are progressively embracing it. The system is secure and is easy for first-time users to understand. Giropay sets itself apart as an ideal online payment system because their transaction fee is pocket-friendly and dealings are in real time. They have other exceptional features that improve client’s experience. When using Giropay, Merchants and customers are assured of quick services when they use Giropay.
Giropay is observably unique but has not achieved a lot regarding growth. The brand might be among the best companies that offer online payments in Germany, but might soon be crushed by its competitors. Why? Unlike other systems, Giro pays security mainly depends on participating banks, and this has been used to criticise their publicised risk-free security system. Additionally, the company has ignored the private sector, and Deutsche Postbank is the only participant in this industry. Giropay should come up with a marketing strategy that will attract banks in the private sector for them to have the upper hand in online banking. All in all, Giropay is a disruptive innovation that will continue to change and improve online payment in Germany.