Finance

End of 46-year era: the giro collection form disappears completely

Payment system company Currence has just announced this. The company will stop supporting payment via giro on 1 June 2023, some 46 years after its introduction in 1977. The reason is that fewer and fewer people are using it, now that online banking has become more and more natural.

From 300 to 2 million

Every year, the use of the giro collection slips by about 30 percent, according to Daniel van Delft, Currence’s CEO. Only 2 million giro collection forms are expected to be sent by 2023, if this trend continues. Converted, that equates to one giro collection form per household once every four years, the company estimates.

That is considerably less than the 300 million that were sent in 1995, in the heyday of the means of payment. Of the ten giro collection forms that institutions and companies still send, nine are torn up and thrown away because the recipient prefers to pay via an app or website.

This in turn ensures that companies send less, because that saves money and paper. In the past year, the number of senders of giro collection forms halved from 15,000 to 7,700, Currence gives as the reason for the decision.

Transfer on paper remains

It is, however, still possible to transfer money by paper, at least at the larger Dutch banks. People who prefer paper can request special transfer forms for this from their bank.

You then have to fill in, sign and post it yourself, explains the Dutch Payments Association.

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