The expansion follows Paysafe’s recent acquisitions of Latin America-based payments companies PagoEfectivo and SafetyPay and enables further scale and cross-selling opportunities for the company in this high-growth market.
paysafecard enables consumers to shop for goods and services online by purchasing pre-paid vouchers with a 16-digit code in cash and adding the amount to their myPaysafe account. Online payment transactions can then be completed by entering the account’s username and password.
The option to use cash opens up opportunities for ecommerce for millions of consumers who were previously excluded – either because they don’t have a bank account or credit card, or because they don’t want to share their bank account details on the internet, often for security reasons.
Let’s note that paysafecard had previously exited Argentina in 2019 due to regulations restricting the use of money for payments to international merchants. New local online regulations now allow paysafecard to take up operations again, leveraging a strong, existing distribution network to service international merchants cooperating with local partners.
In June 2022, Mastercard has announced the integration of Mastercard Send into Paysafe’s payments platform.
The solution aims to enhance the payout capabilities provided by Paysafe’s merchant customers in the UK and EU. Mastercard Send represents the latest extension of the ongoing global partnership between the two companies which support multiple Paysafe products and services.
Mastercard Send supports merchants who have been affected by consumers’ change in payment preferences during the COVID-19 pandemic by providing a full suite of products and services. Moreover, the latest integration will provide automatic reconciliations and transaction data, as well as customisable reports.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now