Elektronisches Lastschriftverfahren (ELV) is an electronic direct debit system in Germany. Launched in the 1980s by a group of merchants, it accounted for 5.9% of the country's non-cash transaction volume in 2018.
It 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 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, after which the amount is debited from the customer's bank account.
ELV can also be used as a payment option by 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 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
- A group of German merchants came together in the 1980s to create ELV.
- In-store ELV payments can be carried out at POS terminals using debit cards, with the amount debited from the customer's bank account.
- ELV is also used for online payments.
- Since ELV payments are not guaranteed by an issuing bank, merchants must bear the risk of defaults.
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.
Table of Contents
- Key Facts & Historic Milestones
- Performance Highlights
- Products & Services
A selection of companies mentioned in this report includes:
- Six Payment Services