Alternative Payment Solution: SOFORT
SOFORT is a market leader in online banking-based payments in Germany and Austria. It was launched in 2005 as Payment Network, and renamed SOFORT in 2012. The solution is now accepted across 13 countries in Europe: Germany, Austria, Switzerland, Belgium, France, the Netherlands, the UK, Italy, Spain, Poland, Hungary, Slovakia, and the Czech Republic, with a user base of 20 million customers.
The solution offers online banking-based direct payments for online purchases from domestic and international merchants. It allows customers to make payments on foreign merchant sites in their local currency, which are then deposited into merchants’ accounts in their local currency.
The company extended its service in 2013, introducing invoice-based payment solution SOFORT Paycode. Merchants provide an online or printed invoice with a Paycode to customers through email, post, or SMS. The code contains the payment information and the customer does not need to fill out details, making the process fast and convenient. It also offers online identity verification service SOFORT Ident, through which users can access age-restricted content on merchant sites.
The solution is accepted by a host of European banks, including Raiffeisen Bank, Deutsche Handelsbank, Deutsche Kreditbank, BKS Bank, Migros Bank, and Hypo Salzburg. It is supported by 89 payment providers across Europe, including Pay.nl, Hipay, Adyen, PayGol, Docdata Payments, and G2A Pay.
SOFORT was acquired by Klarna Group in March 2014. However, both companies operate under separate brands.
The report provides information and insights into alternative payment solution SOFORT, including -
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