Berlin: Online shopping continues to grow year after year, but paying with virtual cash – that will be deducted from your very real credit card – is something that makes a large category of buyers jittery. No matter how enhanced and evolved security systems are, there is always a possibility for your credit card information to land in the wrong hands. German start up Barzahlen or, better said its founders, Florian Swoboda, Achim Bönsch and Sebastian Seifert, decided that it is time for consumers and retailers alike to have an alternative.
How does Barzahlen work? Just like any online shoppers, consumers go to online shops and decide what they want to purchase. When the checkout has to be finalized, they only need to choose Barzahlen from the payment options, and a payment form is delivered as a text message to their phones.
What the customer needs to do next is to go to a POS associated with Barzahlen and finalize the payment, using real money. As soon as the receipt of payment is received by the online shop, the purchased goods are delivered to the buyer.
Barzahlen is a profitable system for both consumers and retailers. Buyers can safely purchase the goods and services they want and pay with real cash, to avoid sharing their credit card details over the World Wide Web. Retailers benefit from the system, as well; since only 67% of all adult buyers have a credit card, and only half of them use it online, there is a great opening for more business that cannot be ignored.