Payment with giro collection slips backwards: ‘the end is near’ | Money

That is more than a quarter less than a year earlier. The definitive end of the paper giro collection form may therefore come sooner than initially thought, Currence writes in his annual report.

The number of organizations that still sent giro forms last year fell even faster. That almost halved to 9,000 companies and institutions, compared to 16,000 a year earlier. According to Currence, the alternatives are cheaper and more user-friendly, such as mobile payment requests, direct debits and iDEAL.

Popularity is declining rapidly

The giro collection form has quickly lost popularity since the emergence of digital payment methods. In 2015, for example, banks still received 24 million giro collection forms by post.

“Due to these developments, it is not inconceivable that the ‘end-of-life’ phase of this payment product is (accelerated) in sight,” Currence writes in the annual report. The payments company founded by eight banks points to an alternative for consumers who still want to receive payment details on paper. Organizations can use a free template for a standard format of payment details on invoices for this group, the so-called uniform Payment Instruction.

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