Paysafe Expands Into Argentina
August 23 2022 - 4:00AM
Business Wire
Building on the company’s presence in the LATAM
region, Paysafe enters Argentina with its market-leading prepaid
online payment solution paysafecard
Paysafe, a leading specialized payments platform, today
announced its expansion into Argentina with its market-leading
eCash payment solution, paysafecard, providing a secure and easy
way to pay with cash for online purchases, particularly in the
digital entertainment space. 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 simply and securely 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 significant 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.
Cash-based online payment solutions continue to be a major
driver for financial inclusion. In Argentina, around 76 per cent of
the population do not have a credit cardi and around 20 per cent do
not have a deposit accountii. Against this, Internet penetration
and smartphone penetration is high at 80 percent and 75 percent
respectivelyiii, and eCommerce user penetration is expected to grow
from 58.6 percent projected for 2022 to 61.9 percent in 2025iv.
As such, paysafecard provides 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 needing to
provide bank account or credit card information online.
Chirag Patel, President Digital Wallets at Paysafe, commented on
the launch: "We’re excited to be operating again in Argentina,
where eCommerce and online financial services are growing rapidly
while the population remains underserved in terms of cards. We see
great potential here to help our international merchant partners
provide the right payments options for their customers and make
more transactions.”
NOTES TO EDITORS
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.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading
specialized payments platform. Its core purpose is to enable
businesses and consumers to connect and transact seamlessly through
industry-leading capabilities in payment processing, digital
wallet, and online cash solutions. With over 20 years of online
payment experience, an annualized transactional volume of over US
$120 billion in 2021, and approximately 3,500 employees located in
10+ countries, Paysafe connects businesses and consumers across 100
payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com.
i https://www.ppro.com/countries/argentina/ ii
https://www.statista.com/statistics/1168881/argentina-population-deposit-account/
iii https://www.ppro.com/countries/argentina/ iv
https://www.statista.com/outlook/dmo/ecommerce/argentina
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220823005064/en/
Sanna Raza, Corporate Communications Manager, DACH Paysafe Group
sanna.raza@paysafe.com +43 676 765 7202
Paysafe (NYSE:PSFE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Paysafe (NYSE:PSFE)
Historical Stock Chart
From Sep 2023 to Sep 2024