According to the press release, the solution, called eCash, was developed by Paysafecard, part of the payments platform Paysafe. Now available in 28 countries, Paysafecash is ideal for consumers who do not wish to share sensitive financial data over the internet for security reasons or those who do not have a bank account or a credit card.

To use the solution, the customer must select ‘Paysafecash’ as the payment method at checkout, which generates a barcode that can be stored on their mobile device or printed. By using the search function, the customer finds the nearest Paysafecash payment point, where the barcode is scanned or entered by sales staff, while the payment is made in cash. Afterwards, the online shop processes the order directly after payment is made and then the goods are dispatched. No customer account or credit card data is required, and the payment is completely secure.

Furthermore, Paysafecash is starting with close to 3,000 payment points in Mexico, including popular retail outlets such as Farmacias del Ahorro, Extra, Circle K, and K. Besides, the company plans to be present in more than 8,000 payment points by the end of 2020, as the value of the local ecommerce market is expected to grow from USD 16.939 million in 2020 to USD 21,815 million in 2024, while the number of ecommerce users is expected to amount to 73.7 million by 2024, an increase of 20% from 2020.