SOFORT was founded in Germany in 2005 and has been a part of the Klarna Group since 2014.
SOFORT is a popular local payment method in Austria, Belgium, Germany, Netherlands, Spain, and, Switzerland that lets consumers make fast, simple, and secure payments directly from their bank accounts. Merchants receive real-time payment confirmation enabling speedy dispatch of goods or immediate download.
Consumers make online payments by selecting SOFORT at checkout and authenticating the payment through their existing online banking environment together with a one-time confirmation code.
- SOFORT builds trust because consumers can use their own online banking data instead of sharing personal information or card details with merchants.
- Klarna reports that retailers typically see a 68% increase in average order value, and 44% of their customers would have abandoned carts if the payment method was not available.
- According to PPRO, German card usage remains low at 14% due to security concerns, leading to the popularity of bank transfer payment options, accounting for 34% of all transactions.