Giropay was founded by Postbank, the German Savings Bank Group, and the German Cooperative Financial Services Network. From the very beginning, the company has worked hard to lead the way in regards to secure payment technology and over the years, it has developed some truly innovative verification procedures.
Today, Giropay is offered as a payment method by more than 1,500 municipalities, authorities, and city councils. Furthermore, it is supported by more than 1,500 banks, and as such, it is able to cover more than 85% of the German banking market. Unsurprisingly, it has become very popular with online casino players thanks to its speed, security and ease of use.
Until December 202, Giropay was owned by giropay GmbH. It was then acquired by paydirekt and the two have begun the process of merging their services and together they processes in excess of 1 million transactions per month.
How to Make a Deposit
You will find that it is very easy to fund your Spin Rio account using Giropay and that the process takes very little time. To make a deposit you simply need to follow these steps:
· Step 1: Click on the Cashier button.
· Step 2: Click on the Deposit button.
· Step 3: Select Giropay as your payment method.
· Step 4: You will now be redirected to Giropay.
· Step 5: Enter your bank account details (account number and sort code).
· Step 6: Giropay then directs you to your bank’s website where you will need to confirm your details by entering your PIN.
· Step 7: Confirm your payment by entering a TAN (a transaction number provided by your bank).
· Step 8: Return to Spin Rio and start playing.
As you can see, the process is based upon online banking and does not require you to set up any additional accounts or provide the casino with any of your banking details.
How to Withdraw
Unfortunately, it is not possible to withdraw using Girpay. However, there are plenty of other options, such as credit and debit cards, and e-wallets.
Pros and Cons of Giropay
There are a number of advantages to using Giropay for online payments, which is why the service has been so successful. To begin with, it is a completely secure and private payment method, arguably more so than when you are just using your bank account as it introduces extra verification steps. Furthermore, all deposits are processed instantly, so you will never be stuck waiting before you can begin playing.
The entire process of using Giropay is extremely user-friendly. All you need is a bank account, there is no need to create additional accounts, which means no more passwords to remember. Furthermore, Giropay protects all of your private information. Not only will you not need to share banking information with Spin Rio, but when you make deposits with Giropay, Spin Rio will not appear on your bank account balance.
However, there are a few disadvantages that you should be aware of. Firstly, you can only use Giropay if you have an account with a participating German bank. While the vast majority of German banks do participate, it still means that they payment method is only available to a very small group of people. It is also important to remember that Giropay cannot be used for withdrawals. Furthermore, Giropay does charge a small fee. While the fee is not very large, it is important to be aware of this. However, most would agree that the convenience of the service easily outweighs the fees.
Safety and Security
One of Giropay’s biggest selling points is how secure it is. It uses advanced encryption technology very similar to that used by banks. Furthermore, it is built upon online banking services, so you will be benefiting from all of the security protocols implemented by your bank. The requirement to enter both a PIN and a TAN mean that each transaction is doubly confirmed. Giropay has been available for close to two decades and in all that time, there has never been a serious security issue with the service.
If you are based in Germany, then there is no doubt that Giropay is an excellent way of funding your Spin Rio account. The process is fast, easy to understand, and extremely secure. If you don’t have a German bank account, then you will have to choose a different payment method. However, there are several on offer, many of which work in a very similar way.