Published: Thu, November 26, 2015
Economy | By Melissa Porter

Paysafecard continues its international expansion

Paysafecard continues its international expansion

Paysafecard continues its international expansion

Paysafecard is a payment solution targeted at individuals in markets with many unbanked consumers or consumers that do not have access to debit or credit cards.  Recently, it continued its expansion by launching “my paysafecard”, its online account, in Croatia. This recent development has already made it possible for consumers in over 28 countries to be able to complete online purchases with just their username and password.


What is paysafecard?

Paysafecard is a card that can be purchased by consumers in physical outlets.  The consumer receives a card worth the amount paid with a 16-digit PIN. To use the cardto complete a purchase the consumer simply enters the pin during a transaction on the site of a merchant that accepts paysafecard. This means that paysafecard users can shop and pay online without having a bank account.

What are the advantages?

Apart from Paysafecard’s convenience, it is great value for people that do not have bank accounts, or the growing number ofmillennials that do not want to usecredit cards for online purchases.  It is equally a great solution for people that would rather not provide their financial details on certain platforms.

Since there is no need for credit card or banking information to complete purchases with paysafecard, individuals will be less concerned about information security when shopping on their favourite sites.  This will reduce the number of people that lose card details to hackers. A recent case of financial hacking affected customers of over 54 hotels managed by Starwood,as reported here.

Paysafecard is present and accepted in 37 countries and there are over 450,000 outlets to purchase the PINs worldwide.  The number of online platforms that allow users to transact with it have also continued to climb in recent times. From grocery shopping to online bingo, there are a wide range of businesses accepting Paysafecard. This list shows online bingo companies that accept Paysafecard. It gives you an idea of just how many sites are now working with Paysafecard.

Payment with unique user name and password

With “my paysafecard”, users have the option to pay with their username and passwords instead of individual paysafecard PINs.  With this, individual PINs can be combined in an online portal to form a pool of funds that can be used in transactions.  Just like the standard offline option, my paysafecard does not require connection to a bank account or credit card. Simply loading a new 16-digit PIN from a paysafecard will increase the value in the “my paysafecard”account. In the online account, customers can get full information pertaining to their “my paysafecard”. This covers the current account balance and transaction history. An advantage of this system is that credits remaining on the Paysafecard PINs after purchases are pooled together. Consumers no longer have to forego smalland families and groups can club together

Easy signup process

The registration process for “my paysafecard” is straightforward. Consumers only need to provide an email account and a mobile number. Consumers do not pay any fees during the registration for use of the paysafecard. Neither the users nor the online shops deploying the paysafecard solution require any additional software or hardware to use the new my paysafecard. The old payment process through which the 16-digit PINs were processed still remains in use.

Two types of paysafecard accounts in Croatia

In most countries around the world where online accounts are used, customers have to choose between a standard and an unlimited account. The same applies with paysafecard in Croatia. For the standard version, there is a limit of 19,000 Croatian Kuna or 2,500 Euros.  To use the unlimited account, users need to provide an ID as well as a proof of address.  Paysafecard users in Croatia can also benefit from the company’s newly launched loyalty programme.

In a world where consumers are always conscious of the safety of their financial details, Paysafecard’s continued expansion has been unsurprising to industry commentators.

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