Muehltal, January, 25, 2008

»electronic cash« becomes »giropay«

Specialist documentation: What changes for you?

In the scope of an up-dated REA CARD specialist documentation you find out which changes the European harmonization of non cash payment transactions are experienced by the »electronic cash« process in Germany. In order to achieve the goal of having a uniform payment standard (SEPA – Single Euro Payment Area), the European banks have joined forces and defined new guidelines which will also apply in Germany in future.

REA Card has drawn up a brief summary to reveal what will change for you: 1. »electronic cash« becomes »girocard«. 2. A uniform chip will be used. 3. Another magnetic stripe will be used on the customary cards. 4. Instead of "BLZ/Bank Code" and "Kto./ Account" a standardized account number appears on the printout.

To back these changes legally, the small print in the contracts between retailer customers and network operators will be changed step by step by 30.09.2009. The harmonization process controlled via the association of card processors (SEPA) has been laid out in such a manner that non cash payment will be possible without further ado throughout Europe in future. At the same time, the widespread direct debiting procedures such as OLV and ELV are continued in Germany.

The REA Card specialist documentation is designed to provide the customers and users of REA Card Terminals with realtime, packed information. Should you have any further questiond, please avail yourself of the Contact Form .

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