Elektronisches Lastschriftverfahren (ELV) is an electronic direct debit system in Germany. Launched in the 1980s by a group of merchants, in 2016 it accounted for 7.9% of all non-cash transaction volume in Germany.
This is a popular payment solution in Germany for both in-store and online payments, and is an alternative payment option for customers who do not like using their credit cards online to pay for products or services.
In-store ELV payments are made using debit cards that contain the necessary bank details. The system allows retailers to initiate an automated direct debit transaction at the point of sale (POS) terminal, and the amount is debited from the customer’s bank account.
ELV can also be used as a payment option for e-retailers. Payments are not authorized by issuing banks, and merchants have to bear the risk of defaults.
ELV payments are accepted by most banks in Germany as well as by a number of payment service providers (PSPs), including Worldpay, Skrill, Elavon, Ingenico, Adyen, Six Payment Services, eMerchantPay, and Wirecard.
The report provides information and insights into alternative payment solution ELV, including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance
- The company’s important events and milestones
- ELV was launched in the 1980s by a group of merchants.
- In 2016, the system accounted for 7.9% of all non-cash transaction volume in Germany.
- The system allows retailers to initiate an automated direct debit transaction at POS terminal.
- To align with the SEPA framework, the traditional ELV direct debit was migrated to SEPA ELV Direct Debit in January 2016.
Reasons To Buy
- Gain insights into ELV’s business operations, and key events.
- Gain insights into its product portfolio.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.