PayPal is the most popular payment service in World. Now several large banks and savings banks are joining forces to develop a uniform payment system called “XPay”.
Paying has rarely been easier; users can send money to each other via smartphone or computer. Often an e-mail address is sufficient and the desired amount is within seconds with the recipient. Contactless payment is particularly advantageous in the current situation. Now a German payment system wants to confront the market leader PayPal with “XPay”, as reported by Nordbayern.de, among others
Cartel Office has given the green light
Ultimately, a uniform payment system across all channels is to be created under the name “XPay”. Payment methods such as Paydirekt, Giropay, Girocard (EC) and “Kwitt” should thus make a common cause. The cartel office has already given the green light – the project plans of Germany’s banks and savings banks can be implemented accordingly. However, the condition is the concretization of the project, announced the President of the Bonn authority, Andreas Mundt, in the ARD Tagesschau.
XPay should be independent of the house bank
Consumers should get a simple and uniform payment model from all participating financial institutions. You can use the digital system, for example, for online shopping or at the shop counter. The house bank plays no role, users can pay quickly and independently or transfer money from account to account.
Commerzbank, Deutsche Bank, VR banks and savings banks
The common goal of the uniform payment system is pursued by the Association of German Banks (BdB), the Association of German Volksbanks and Raiffeisenbanks (BVR), the German Savings Banks and Giro Association (DSGV), the Association of German Public Banks (VÖB) as well as Commerzbank, DZ Bank and Deutsche Bank.
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Could XPay prevail in this country?
Tesla boss Elon Musk was once involved in founding PayPal. Today the digital payment method is widespread and is accepted as a payment option in many online shops. With such a large-scale project as “XPay”, however, it could now, at least in theory, face serious competition in this country. How that looks in practice remains to be seen, because PayPal works very well for most users. Things like a possible deployment abroad are also still unclear.