Paysafe Unveils Online Payment Option for unbanked, Cash-preferred Consumers

Payments provider Paysafe has launched Paysafecash, the company’s new payment option that caters to cash-preferred online shoppers around the world.

According to a press release, Paysafecash is the first online cash solution that can be used to upload funds to digital wallets, including Paysafe wallets, Skrill and Neteller. Paysafecash is also the only cash payment option that lets online shoppers pay in exact amounts for purchases they are making, rather than being forced to round up to a fixed voucher denomination which is typically the only cash option offered to date by online retailers.

How payments work with Paysafecash: – Customers select “Paysafecash” in the online shop as their payment method, load the generated bar code to their wallet and either print it or send it to their mobile phone.

– Using the search function, the customer finds the nearest Paysafecash payment point.

– At the payment point, the customer has the saved bar code scanned by sales staff and pays the amount due. The online shop processes the order directly after payment.

According to the release, Paysafe CEO Udo Müller believes that Paysafecash could drive millions of additional shoppers online, representing a true growth driver for digital shopping and online retailers.

“There are still significant tranches of our global population who remain unbanked and don’t possess payment cards of any description,” he said. “So we know there is a substantial need to provide a flexible and safe online cash solution to help both consumers and retailers overcome these hurdles.”

Paysafecash is already live in 14 countries, including Austria; Canada; Hungary; Italy; Portugal; Spain; and the U.K., with plans underway to extend its availability to an additional 32 markets, including the U.S., by the end of the year, the release said.