ELV

ELV stands for Elektronisches Lastschriftverfahren and is a popular online payment method in Germany. By choosing to pay with ELV at checkout, the consumer permits the merchant to collect (debit) the purchase amount directly from his or her bank account.

INTRODUCTION

ELV or Elektronisches Lastschriftverfahren is widely used and one of Germany's popular online payment methods. ELV allows quick and easy payments, is relatively cheap (compared to credit cards), and suited for one-time payments (immediate payment and swift settlement) without the need to use a card upon checkout. ELVs just require the customer to authorise the merchant to make the collection. This can happen in (electronically) written form, orally, by e-mail or through a web interface set up by the merchant. Consumers have the right to cancel these ELV direct debits within six weeks. As fraudulent ELV direct debit instructions are easily traced, abuse is quite rare. However, merchants should be aware that they bare the risk, ELVs could be cancelled, and there is no chargeback protection.

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E-wallets will equal cards as the most popular payment method globally.
In 2012, $295 billion was processed through e-wallet payments. This is set to rise to $1,656 billion by 2017.

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ELV