Jump to content

Paysafecard

From Wikipedia, the free encyclopedia
paysafecard, a Paysafe company
Company typePublic
IndustryOnline payments
Founded2000
HeadquartersAm Europlatz 2 1120 Vienna, Austria
Key people
Bruce Lowthers (CEO & Executive Director)[1]
ProductsElectronic money
RevenueUS $1.496 billion (Paysafe’s FY 2022 revenue)[2]
Number of employees
Paysafe has 3,300 employees
ParentPaysafe
Websitewww.paysafecard.com

paysafecard (as a brand stylized in lowercase) is part of Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS), a global payments platform. Paysafecard is a prepaid cash-based, online payment method based on vouchers with a 16-digit PIN code. The vouchers can be used to fund online transactions without a bank account, credit card, or other personal information.

Users can purchase vouchers at local sales outlets or online via their myPaysafe account and entering the code at the checkout of the respective website (e.g. an online gaming provider). paysafecard codes can only be used at authorised online shops and should not be shared on marketplaces, by mail or telephone.

paysafecard’s scope of services and partner webshops varies by country. In most countries, a personal account called myPaysafe is available for uploading codes and managing balances. Starting in Austria in 2000, as of 2023 paysafecard is available in approximately 50 countries. Two former competitors, Dutch Wallie and British Ukash, were acquired by paysafecard.

In 2013, paysafecard was acquired by the digital wallet provider Skrill, and in 2015 the Skrill Group was acquired by the Optimal Payments Group, a global online payment processing provider regulated in the United Kingdom. Optimal Payments subsequently rebranded as Paysafe.[3][4]

Name: paysafecard and Paysafe

[edit]

In 2015, paysafecard became a part of the multinational Optimal Payments online payment corporation, which subsequently rebranded as Paysafe. paysafecard, however, continues to be a subsidiary brand of the Paysafe Group in its own right, alongside some others, like the digital wallets Skrill and NETELLER.[5]

Geographical extension

[edit]

As of 2023 paysafecard is issued in approximately 50 countries—covering most of Europe and North America, Australia and New Zealand, and some countries in Western Asia and South America.[6]

Countries with paysafecard available include Argentina, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Moldova, Montenegro,[7] Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Romania, Saudi Arabia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Arab Emirates,[8][9] the United Kingdom, the United States and Uruguay.[10]

Acceptance

[edit]

Products and services available to buy with paysafecard include online games, social media, telecommunication,[11] music,[12] and others. The scope of websites accepting paysafecard varies per country for several reasons. The most widespread use is for online games; for example, League of Legends accepts paysafecard in 41 countries as of 2018.[10] Examples of other partners accepting paysafecard in 20 or more countries include Amazon,[13] Google Play Store,[14] Microsoft.com,[15] Xbox.com,[16] Minecraft,[17] PlayStation 4,[18] Steam,[19] Guild Wars,[20] Second Life,[21] Facebook[22] and Newegg.[23]

History

[edit]

Early years

[edit]

The company behind paysafecard is based in Vienna, Austria. It was founded in 2000 by four Austrians, including the first CEO Armin Sageder, as paysafecard.com Wertkarten AG ("paysafecard.com prepaid card Inc."), later transferred into a GmbH, a private limited company.[24] The technical partner providing expertise and the original hardware was IBM Austria.[25] The following year, paysafecard also launched in Germany.[26] In 2004, co-founder Michael Müller assumed the role of CEO.[27]

In 2005, paysafecard received an EU funding under the eTEN program supporting electronic services with a trans-European dimension.[28] Subsequently, paysafecard launched in Slovenia, Greece, Slovakia, Spain and the United Kingdom.[29] In 2008, British subsidiary Prepaid Services Company Ltd. received an EU-wide e-money licence by the British Financial Services Authority (FSA), later the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000,[30][31] expanding to a small e-money issuers certificate valid for the United Kingdom in 2006.[29] This authorised the company to issue e-money throughout the European Union.[32] Also in 2008, paysafecard Switzerland obtained a license as a financial intermediary.[33]

Acquisitions

[edit]

In August 2011, paysafecard acquired Dutch competitor Wallie.[34] In February 2013, Skrill, one of the largest payment services providers in Europe completed the acquisition of paysafecard.com Wertkarten AG.[35] A year later, CEO Michael Müller left paysafecard and handed over to his brother Udo Müller.[36] In November 2014, Skrill acquired British paysafecard competitor Ukash and merged it into paysafecard.[37][38] In August 2015, Skrill group competitor Optimal Payments group completed the acquisition of Skrill group, including paysafecard, and subsequently rebranded as Paysafe Group.[38] On the 1st of November 2021, Paysafe completed the acquisition of viafintech, the company that developed viacash (originally Barzahlen).[39][40]

Functionality

[edit]

Basic function

[edit]

A paysafecard voucher is a 16-digit code sold in stores and online. Sales outlets print the voucher as a receipt. In the respective countries, paysafecard is available in denominations ranging from 10 to 100 euros, United States dollars, pounds sterling, and Australian dollars, and approximately equivalent sums in other currencies, e. g. 100-1000 Norwegian kroner.[41]

When paying in an online shop, the user enters the 16-digit code, and the amount tendered is deducted from the paysafecard balance. Hence, the same code can be used multiple times until the full balance has been used. For larger sums, it is possible to combine multiple paysafecard codes.[42]

The current balance of each paysafecard, as well as its transaction history and purchase date, can be viewed at the official site by entering the respective code.

Issuing

[edit]

In contrast to in-house vouchers and prepaid products, paysafecard is sold and accepted at distinct companies ("Third Party Billing"). For this reason, dealing with them is a banking transaction and requires either a banking partner or a banking licence. In the beginning, paysafecard was issued by the BAWAG P.S.K. in Austria and the Commerzbank in Germany.[43]

Since 2008, paysafecard's subsidiary company Prepaid Services Company Limited holds a licence of the Financial Conduct Authority (resp. its predecessor Financial Services Authority) "to issue electronic money (e-money) and provide payment services", valid for all countries in the European Economic Area.[30] Therefore in those countries, paysafecard is issued by Prepaid Services without external banking partner. Further, Swiss paysafecard subsidiary paysafecard.com Schweiz GmbH is a licensed financial intermediary in Switzerland[44] and issuer of the product also in other countries, e.g. in Australia.[45]

In the United States, payment regulations require an external banking partner issuing paysafecard, a role assumed by The Bancorp Bank.[46][47]

Distribution

[edit]

In the beginning, paysafecard was sold as a pre-printed scratchcard.[48] Starting in 2002, paysafecard was sold as a printout called "eVoucher" by the company, a uniquely numbered receipt from an in-store sales terminal. paysafecard is distributed countrywide by various external partners, which is why the types of shops offering paysafecard vary by country. Typical examples include newsagents, petrol stations,[49][50] post offices,[51][50] pharmacies,[50] supermarkets,[50] electrical retailers and vending machines.[52] The worldwide number of points of sales is more than 600,000.[53]

Limitations

[edit]

paysafecard has limitations manifesting especially when used for online gambling. Payments (deposits in gambling accounts) with paysafecard are limited to €1000;[54] for classic paysafecard (not myPaysafe) this amount has been lowered to €250 in 2016 due to compliance with regulations.[55] Some other online payment methods allow higher amounts. Also, a myPaysafe account is required to withdraw money from a gambling merchant.[56][57][9] Withdrawals to myPaysafe accounts are supported by several online casinos[58],[59][60][61] with Paysafe's President of Global Gaming, Zak Cutler, emphasising that consumer protection and safety is a focus of its casino withdrawal offering.[62]

Unlike credit cards, paysafecard does not give the opportunity to overdraw user funds.[63][64]

Additional services

[edit]

The company offers services to supplement the classic paysafecard. In most countries, an online account called myPaysafe lets users buy codes and carry out repeat payments more comfortably.[65] At the checkout of a webshop, users may choose between entering a code and signing in to their myPaysafe account.[66] myPaysafe also offers gift card purchases – users can use their balance to buy retail and entertainment gift cards from the likes of Amazon, Nintendo or H&M.[67]

In several countries, paysafecard also issues a prepaid paysafecard Mastercard.[68]

In 2023, the company started offering a service called ‘Account & Card’, which provides a myPaysafe account with a virtual IBAN together with a physical or virtual prepaid card. The service lets users make SEPA transfers with their account balance but is only available in certain countries.

Paysafecash

[edit]

Barcode (e-Cash) payment solution Paysafecash was launched in 2018 by paysafecard.[69][70] It is based on a barcode generated in the online checkout of an app, account, wallet or webshop when Paysafecash has been chosen as the post payment or deposit option. The generated barcode can be sent to a mobile phone via a text message or an e-mail, uploaded to a mobile wallet, or printed out.[71] The user shows the barcode at the nearest Paysafecash payment store, where it is scanned and the amount due can be paid with cash. Payment stores are to be found via a location finder within the Paysafecash app or on the Paysafecash webpage.[72]

Paysafecash was created for cash-reliant users who do not possess a credit or debit card, or do not want to disclose their financial data when making online purchases or paying bills. It allows the use of traditional cash for digital payments in multiple industries such as financial services, rent payments, government and utility bills, e-commerce, and others. Retail and neobanks can offer new services to their customers, a Paysafecash integration in their banking app provides an option for cash deposits to digital bank accounts at a brick-and-mortar store.

Geographical extension

[edit]

As of 2022, Paysafecash is available in about 30 countries in Europe and North America.[73][74]

Acceptance

[edit]

Paysafecash is accepted in more than 200,000 brick-and-mortar Paysafecash partner stores globally.[75][76][77]

Functionality

[edit]

Users select Paysafecash in the online checkout page as their desired payment or deposit method, load the generated barcode into their wallet, send it to their mobile phone or print it out.

They can then find the nearest Paysafecash payment store using the online search function. Once the barcode is scanned by the cashier at the payment store, the sum can be paid in cash.

Recent developments

[edit]

In August 2023, Paysafe announced an extended partnership with The Mill Adventure enabling players on the German-licensed iGaming platform to pay for their gaming experience in cash.[78]

In March 2023, Paysafe announced a new partnership with the popular US long-distance bus transport provider Greyhound (acquired by Flixbus), offering travelers an option to make safe and secure cash payments when booking a trip online.[79]

In December 2022, Paysafe partnered with ING Germany to strengthen its consumer offering. The cooperation enables the third largest bank in Germany to use Paysafe's cash service for cash deposits and withdrawals.[80]

In August 2022, Paysafe announced a partnership with Exeter Finance enabling online cash payments for US auto loans.[81]

Awards

[edit]

In 2023, Paysafe's eCash solution Paysafecash was highly acclaimed in the "Best Payments Led Financial Inclusion Initiative" at The Digital Banker's Global Payments Innovation Awards.[82]

In 2022, paysafecard, Paysafe's Vienna office, was awarded second place in the "Best International Companies" category at Austria's Leading Companies Awards, marking it the eighth time that paysafecard has been recognized as a top performing country in Vienna. It won first place for the same award in 2015 and 2017.

In 2022, Paysafe was highly commended for its eCash solutions in the "Best Contribution to Economic Mobility in Payments" category at the Fintech Futures' PayTech Awards.[83]

In the 2018 Austrian Great Place to Work contest, paysafecard won 1st place in the category New Working World and Quality of Living, as well as 10th place among all medium-sized companies.[84]

References

[edit]
  1. ^ Aldrige, Kate (2022-04-07). "Paysafe announces new CEO". Paysafe. Retrieved 2023-05-24.
  2. ^ "Paysafe 2022 regulatory filings" (PDF).
  3. ^ Leibovitch, Daniel (12 November 2015). "Optimal Payments Rebrands as Paysafe". cardnotpresent.com. Retrieved 26 January 2018.
  4. ^ "Paysafecard – Details & Information". ewallet-optimizer.com. Retrieved 11 February 2018.
  5. ^ "Welcome to Paysafe Group". paysafe.com. Retrieved 22 June 2018.
  6. ^ "Payment Method Profile: paysafecard - Available in the Following Countries". about-payments.com. Retrieved 3 July 2018.
  7. ^ "paysafecard - An Alternative Payment Solution Study, 2019 - ResearchAndMarkets.com". tmcnet.com. 8 March 2019. Retrieved 1 April 2019.
  8. ^ "Paysafecard enters UAE online payments market". thepaypers.com. 1 August 2017. Retrieved 22 December 2017.
  9. ^ a b "Paysafecard Casino Deposits". onlinecasinodubai.net. 23 December 2017
  10. ^ a b "paysafecard availability of products" (PDF). Retrieved 19 September 2023.
  11. ^ "Guthaben aufladen mit paysafecard" [Recharge your balance with paysafecard]. vectonemobile.at (in German). Retrieved 23 December 2017. Paysafekarten
  12. ^ Kemper, Jonathan (16 January 2015). "Spotify Premium ab sofort auch mit Paysafecard bezahlbar" [Spotify Premium from now on also payable with paysafecard]. mobiflip.de (in German). Retrieved 6 January 2018.
  13. ^ Maria, Williams (2021-10-25). "Does Amazon Accept Paysafecard In 2023? (All You Need To Know)". QuickUpdater. Retrieved 2023-09-20.
  14. ^ "Paysafe enables cash-based payments in Google Play Store". Finextra Research. 2018-06-07. Retrieved 2023-09-20.
  15. ^ Bignell, Francis (2022-11-16). "Microsoft Adds Alternative Payment Option to Online and Xbox Stores". The Fintech Times. Retrieved 2023-09-20.
  16. ^ PYMNTS (2021-06-30). "Xbox Gamers Can Now Pay With Cash Online With Paysafe". www.pymnts.com. Retrieved 2023-09-20.
  17. ^ "Minecraft Server Hosting with Paysafecard". ServerFlex Blog. 2022-02-21. Retrieved 2023-09-20.
  18. ^ "PS4: Top up wallet with Paysafecard". playstation.com. 25 August 2017. Retrieved 22 June 2018.
  19. ^ "Use Paysafecard on Steam and Receive a Free Copy of Portal". steampowered.com. 19 August 2010. Retrieved 22 June 2018.
  20. ^ The Guild Wars 2 Team (27 February 2013). "paysafecard Now Accepted in Gem Store". guildwars2.com. Retrieved 22 June 2018.{{cite web}}: CS1 maint: numeric names: authors list (link)
  21. ^ Linden, Jeremy. "List of accepted payment methods by country". secondlife.com. Retrieved 22 June 2018.
  22. ^ "What payment methods can I use on Facebook games?". facebook.com. Retrieved 22 June 2018.
  23. ^ "International payment methods". newegg.com. 8 June 2018. Retrieved 22 June 2018.
  24. ^ "PAYSAFECARD PAY CASH. PAY SAFE. - Trademark Details". trademarks.justitia.com. 4 January 2018. Retrieved 3 July 2018.
  25. ^ paysafecard.com makes web shopping simple, secure, private at the Wayback Machine (archived 2012-03-28)
  26. ^ Dambeck, Holger (5 June 2001). "Internet-Prepaid-Karte ab heute erhältlich" [paysafecard obtainable as from today]. heise.de (in German). Heinz Heise. Retrieved 24 May 2018.
  27. ^ "Müller wird paysafecard-Sprecher" [Müller becomes spokesperson of paysafecard] (11 November 2019). horizont.at (in German). 5 November 2004.
  28. ^ Hornacek, Harald (28 November 2005). "The Long Road". die-wirtschaft.at (in German). Retrieved 22 December 2017.
  29. ^ a b "Pre-paid Paysafecard set for launch in UK". finextra.com. 30 August 2006. Retrieved 24 May 2018.
  30. ^ a b "Firm Details: Prepaid Services Company Limited". Financial Conduct Authority. Retrieved 28 January 2018.
  31. ^ "Basic details for: 475502 - Prepaid Services Company Limited". FSA. 1 July 2011. Archived from the original on 23 December 2012. Retrieved 30 January 2018.
  32. ^ "paysafecard erhält EU-Lizenz zur Ausgabe von elektronischem Geld". Der Standard. 12 June 2008. Retrieved 22 December 2015.
  33. ^ Habegger, Bruno (21 February 2008). "paysafecard expandiert in die Schweiz" (in German). pctipp.ch. Retrieved 22 December 2015.
  34. ^ "paysafecard acquires online payment provider Wallie". about-payments.com. 7 September 2011. Retrieved 25 June 2018.
  35. ^ Moss, Karen (11 February 2013). "Skrill acquires paysafecard.com". retail-systems.com. Retrieved 25 June 2018.
  36. ^ "Paysafecard verliert Chef" [paysafecard loses principal]. derstandard.at (in German). Der Standard. 28 February 2014. Retrieved 8 November 2019.
  37. ^ Finnegan, Matthew (28 November 2014). "Skrill extends payments portfolio with Ukash acquisition". techworld.com. Retrieved 25 June 2018.
  38. ^ a b "Skrill acquires Ukash, Optimal Payments acquires Skrill". onlinepaymentsreview.com. 14 July 2015. Retrieved 25 June 2018.
  39. ^ "Paysafe to acquire viafintech" (PDF). viafintech. 22 August 2021.
  40. ^ "Paysafe completes acquisition of viafintech" (PDF). viafintech. 1 November 2021.
  41. ^ "Casinoer som tilbyr Paysafecard" [Casinos where paysafecard is available]. casino.org (in Norwegian). Retrieved April 23, 2018.
  42. ^ "paysafecard - how does paysafecard work? | English". paysafecard. Retrieved 2023-09-19.
  43. ^ Challenges of Expanding Internet: E-Commerce, E-Business, and E-Government. 2005, Poznan, Poland, p. 355
  44. ^ "Liste der bewilligten Finanzintermediäre nach Art. 2 Abs. 3 GwG (DUFI)" [List of licensed financial intermediaries in accord with Article 2 paragraph 3 Money Laundering Act] (PDF). finma.de (in German). Swiss Financial Market Supervisory Authority. Retrieved 16 March 2018.
  45. ^ "General Terms and Conditions for Use of paysafecards in Australia" (PDF). afterpaytouch.com. paysafecard. 2013. Retrieved 16 March 2018.
  46. ^ Hernandez, Will (19 October 2010). "Austrian Company's Prepaid Alternative Comes to the U.S. Market". americanbanker.com. American Banker. Retrieved 11 March 2018.
  47. ^ "PAYSAFECARD". cbaaonline.com. Retrieved 11 March 2018.
  48. ^ "Verwirrende Vielfalt" [Confusing variety [of online payment methods]]. tebiko.de (in German). 14 June 2001. Retrieved 15 May 2018. Besitzer der Paysafecard rubbeln auf der Rückseite einen 16-stelligen Zahlencode frei. ("Owners of a Paysafecard reveal the 16-digit number code on the back side by scratching.")
  49. ^ Rusanov, Simeon (23 June 2016). "Paysafe: Finally A Danger In PayPal's Rear View Mirror!". seekingalpha.com. Seeking Alpha. Retrieved 21 May 2018.
  50. ^ a b c d "Ripple kaufen mit Paysafecard 2018: So erwerben Sie XRP" [Buy Ripple with Paysafecard in 2018: So you can buy XRP]. betrug.org (in German). Retrieved 22 May 2018.
  51. ^ "Guthaben für paysafecard: Einfach einkaufen ohne Kreditkarten" [Balance for paysafecard: Simple shopping without a credit card]. postfinance.ch (in German). PostFinance. Retrieved 22 May 2018.
  52. ^ "Mit der paysafecard sicher im Internet einkaufen" [Safe online buying with paysafecard] (in German). Swiss Federal Railways. Retrieved 2 June 2018. An allen SBB Billettautomaten rund um die Uhr [at all ticket vending machines 24/7]
  53. ^ "Alternative Payment Solution: paysafecard". sandlerresearch.org. Retrieved 22 June 2018.
  54. ^ "Paysafecard Binary Options Brokers". binaryoptions.net. Retrieved April 22, 2018.
  55. ^ "New maximum payment amount per transaction: 250 euros – my paysafecard is not affected". paysafecard.com. 9 May 2016. Retrieved 22 June 2018.
  56. ^ "Paysafecard". casinobonusesindex.ca. Retrieved 21 June 2018.
  57. ^ Seregin, Kirill (November 29, 2017). "Betsson Payment Methods". vip-bet.com. Retrieved April 23, 2018.
  58. ^ "Best Paysafe Casinos in Canada 2024". Retrieved 2023-09-19.
  59. ^ "paysafecard online casinos 2018". casinotop10.net. Retrieved 26 May 2018.
  60. ^ "Withdrawing Casino funds to Paysafecard". sirslot.com. Retrieved 25 May 2018.
  61. ^ "Paysafecard Casinos 2022". casinorewier.com. Retrieved 22 May 2022.
  62. ^ Marcus Lawrence. "Paysafecard Casinos". TopRatedCasinos.co.uk. Retrieved 13 March 2023.
  63. ^ "Deposit Via paysafecard to Play Roulette". rouletteonline.net. Retrieved 21 June 2018.
  64. ^ "Top 5 Paysafecard Online Casinos of 2018 - Safe & Secure". casino.org. Retrieved 21 June 2018.
  65. ^ "Paysafecard Details and FAQ". ewallet-optimizer.com. Retrieved 12 April 2018.
  66. ^ "XML Specification Paysafecard" (PDF). securetrading.com. 15 January 2018. p. 9. Retrieved 9 May 2018.
  67. ^ "Giftcard shop". paysafecard.com. Retrieved 19 September 2023.
  68. ^ "PaySafe MasterCard Kreditkarte" [PaySafe MasterCard credit card]. kreditkarten-prepaid.at (in German). Retrieved 12 April 2018.
  69. ^ "Paysafe Launches Paysafecash – the Ground-Breaking New Payment Solution for the 'Cash Consumer'". Payments Journal. Retrieved 3 February 2022.
  70. ^ "Paysafe rolls out payment solution for the cash consumer". The Paypers. Retrieved 3 February 2022.
  71. ^ "Paysafecash wiki". Monito. Retrieved 3 February 2022.
  72. ^ "Paysafecash website". Paysafecash. Retrieved 3 February 2022.
  73. ^ "Paysafecash Debuts In US For eCash Payments". PYMNTS. Retrieved 3 February 2022.
  74. ^ "Paysafe reveals online cash payments solution in US". The Paypers. Retrieved 3 February 2022.
  75. ^ "Paysafecash FAQ". Paysafecash. Retrieved 3 February 2022.
  76. ^ "Future of cash". Wired. Retrieved 3 February 2022.
  77. ^ "Paysafecash teraz we wszystkich Żabkach". Telepolis (in Polish). Retrieved 3 February 2022.
  78. ^ "The Mill Adventure Extends Its Partnership with Paysafe". research.tdameritrade.com. Retrieved 2023-09-20.
  79. ^ Wire, Business. "Greyhound Partners With Paysafe to Offer Customers Cash Payments for Online Bookings - Paysafe (NYSE:PSFE)". Benzinga. Retrieved 2023-09-20. {{cite web}}: |first= has generic name (help)
  80. ^ MarketScreener (2022-12-27). "ING Germany partners with Paysafe to enable retail cash withdrawal, deposit -December 27, 2022 at 09:11 am EST | MarketScreener". www.marketscreener.com. Retrieved 2023-09-20.
  81. ^ Nikolova, Maria (2022-04-28). "Paysafe announces new partnership with Exeter Finance". FX News Group. Retrieved 2023-09-20.
  82. ^ "Global Payments Innovation Awards 2024 - The Digital Banker". Retrieved 2023-09-19.
  83. ^ "Paytech awards 2022". Retrieved 19 September 2023.
  84. ^ "paysafecard.com Wertkarten GmbH". greatplacetowork.at (in German). Retrieved 21 June 2018.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Paysafecard&oldid=1239249351"