E-Invoices: 59 Percent Want Bank Account as Mailbox

From 2025, Germany will require its companies to no longer issue paper invoices, but only electronically. From 2028, there will be no more exceptions even for smaller businesses. Consumers are already open to this change. Six out of ten want their e-invoices to be delivered to their bank account in order to pay them immediately. This is supported by a survey conducted by the fintech company Paycy among 2,048 German citizens aged 18 and above.

The bank account as a mailbox? A clear majority of Germans like the idea and would prefer to receive electronic invoices in this way. The invoices can be viewed and approved through the app or online banking. Then the bank transfers the money to the sender of the invoice, who is supposed to receive the requested amount. Each invoice is then linked to the corresponding payment, making it easy to find. This process is called Request to Pay.

“The bank account becomes a digital document folder for everything that is important,” explains Bettina Rose, CEO at Paycy, a platform that offers Request to Pay for banks. “As a customer, I no longer have to search for a long time to see if and when I paid an invoice. All documents are digitally stored in online banking or the banking app.”

52 percent of the respondents consider it important that such a service works especially in online shops. This may also be due to the fact that many people can hardly trace which debit belongs to which purchase. 68 percent say that this has annoyed them at least in their recent purchases. Another 55 percent are annoyed that it is not always immediately clear who is behind the many payment services offered during online checkout. With Request to Pay, it is their own bank. One in four consumers would even switch their main bank for Request to Pay.

Almost half would even be willing to allow their bank to read the contents of incoming invoices. In return, customers want additional value or extra offers, such as financing, instalment payments, or the option to pay later (“Buy now, pay later”). “Banks now see for the first time that an invoice is to be paid and not only after something has been paid,” says Bettina Rose. “Classic bank products can be built on this. This applies to both consumers and corporate customers. Because Request to Pay also allows additional data to be provided with outgoing invoices, largely automated factoring would even be possible.”

The CEO of Paycy also expects Request to Pay to establish itself at the point of sale, especially for products where keeping an invoice is desired, such as for a warranty. 46 percent of potential customers say that they would like to pay in retail stores in this way. Authorities are almost equally popular at 45 percent. However, customers also want to ensure that there is no proliferation. The service should comply with uniform standards, work in the EU, and be supported by the German banking industry – all of which is already the case.

Request to Pay is a European payment scheme that applies EU-wide. In addition to the European Payments Council (EPC), the Berlin Group also provides an RtP format.

About the Survey In May 2024, 2048 individuals aged 18 and above in Germany were surveyed about their opinions on payment. The survey was based on online interviews with members of the YouGov Panel Germany. All results were weighted and are therefore representative of the population aged 18 and above in Germany.