Buenos Aires, Argentina–(BUSINESS WIRE)–Paysafe, a leading specialist payment platform, today announced its expansion into Argentina with its market-leading eCash payment solution, paysafecard, offering a safe and easy way to pay cash for online shopping, especially in the digital entertainment space. The expansion follows Paysafe’s recent acquisitions of Latin American-based payment companies PagoEfectivo and SafetyPay and provides the company with new opportunities for scale and cross-selling in this high-growth market.
paysafecard enables consumers to simply and securely purchase goods and services online by purchasing prepaid vouchers with a 16-digit cash code and adding the amount to their myPaysafe account. Online payment transactions can then be completed by entering the account username and password. The option of using cash opens up significant e-commerce opportunities for millions of consumers who were previously excluded, either because they do not have a bank account or credit card, or that they do not want to share their bank details on the Internet. , often for security reasons.
Online cash payment solutions continue to be a major driver of financial inclusion. In Argentina, about 76% of the population does not have a credit cardI and about 20% do not have a deposit accountii. On the other hand, internet penetration and smartphone penetration are high at 80% and 75% respectivelyiiiand e-commerce user penetration is expected to increase from 58.6% projected in 2022 to 61.9% in 2025iv.
As such, paysafecard offers an ideal solution for Argentinians to use cash not only for online purchases, but also to access the world of gaming, social media and entertainment without the need to provide credit card details. bank account or credit card online.
Chirag Patel, President of Digital Wallets at Paysafe, commented on the launch: “We are excited to operate again in Argentina, where e-commerce and online financial services are growing rapidly while the population remains underserved in terms of cards. We see great potential in this to help our international merchant partners provide the right payment options to their customers and complete more transactions. »
NOTES TO EDITORS
paysafecard previously left Argentina in 2019 due to regulations restricting the use of cash for payments to international merchants. New local online regulations now allow paysafecard to resume operations, building on an existing strong distribution network to serve international merchants cooperating with local partners.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialist payment platform. Its main objective is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet and online payment solutions. With over 20 years of online payment experience, an annualized transaction volume of over US$120 billion in 2021, and approximately 3,500 employees located in more than 10 countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies worldwide. Delivered through an integrated platform, Paysafe solutions are geared towards mobile-initiated transactions, real-time analytics and convergence between physical and online payments. Further information is available at www.paysafe.com.