Leading specialized payments platform Paysafe launches Paysafecash in Cyprus today as a new secure and easy way to pay for online purchases in virtually any area of the retail space. Paysafecash was developed by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard, a global leader in the eCash industry.
Paysafecash, now available in 25 countries, is designed for consumers who do not have a bank account or credit card ─ or who do not want to disclose sensitive financial data on the internet. It is easy for consumers to use:
- The customer selects ‘Paysafecash’ in the online shop as the payment method and loads the generated QR/barcode to their wallet.
- The code can be printed or sent to a mobile phone.
- Using the search function, the customer finds the nearest Paysafecash payment point. The QR/barcode is scanned by sales staff and payment is made.
- The online shop processes the order directly after payment and the goods are delivered. No customer account or credit card data is required and the payment is completely secure.
While the eCommerce industry has been relatively small in Cyprus to date, both the Ministry of Energy, Commerce, and Industry (MECI) and the Office of the Commissioner of Electronic Communications and Postal Regulations (OCECPR) are promoting its adoption which is driving steady growth1. Household internet access in 2018 was 86 percent, a 7 percent increase from 2017, higher than the EU average of 82 percent and the world average of 56.1 percent.2
Paysafe has had a presence in Cyprus for more than ten years with its prepaid cash solution paysafecard, which is available at around 1,700 kiosks, supermarkets and other distribution outlets. Paysafecash will leverage this existing distribution network, further increasing the availability of eCash across Cyprus.
Udo Müller, CEO of paysafecard – the business behind the Paysafecash product, said: “Paysafecash allows consumers who prefer paying cash to participate in the world of ecommerce. We are pleased to offer this innovative and safe payment solution in Cyprus. With this launch, we are meeting the needs of consumers who want to buy things online without disclosing their personal financial details, such as credit card or bank account information. Leveraging our long-standing presence and an incredibly strong network of distributors in Cyprus enables us to offer Paysafecash to consumers throughout the country.”