According to the press release, recent data indicates that despite the enthusiastic uptake of electronic payments, many online shoppers are growing increasingly concerned that online shopping frequently results in financial fraud and data breaches.
The online cash solution can be used to upload funds into digital wallets, including Paysafes own popular digital wallets, Skrill and NETELLER. Additionally, with Paysafecash, shoppers can pay in exact amounts for the purchases they are making.
Contrary to popular belief that all online goods are purchased using credit or debit cards or other digital methods, market data indicates that around two billion adults in the world are still unbanked. Even in highly developed regions such as the European Union, over 57 million adults do not have bank accounts and 68% of transactions are still paid for using cash. In the UK, the number of people who rely almost entirely on cash has jumped by 500,000 to 2.7 million over the past two years, according to data by Payments UK and the Bank of England. Fraud concerns and data security are often cited as a major reason for not wanting to share bank account or credit/debit card details online, according to the press release.
For more information about Paysafe, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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