When you think of top payment systems, the likes of VISA, MasterCard and PayPal instantly spring to mind. But now there’s another player that’s making waves, and that’s paysafecard. The pre-paid payment method, which is part of the Paysafe Group, is continuing to expand internationally and its popularity is growing exponentially. Could it soon become one of the major players among those aforementioned giants?
It was recently announced that paysafecard has continued its global expansion plans with a launch in Montenegro. This means that the payment system is now available in 47 countries and over 600,000 sales outlets across the globe. Montenegro is a vibrant market, at the moment, with internet adoption of around 65 per cent and around 650,000 inhabitants. The country also boasts the fastest-growing economy in the Balkans with GDP growing at approximately 4.9 percent each year.
The reason why the card is enjoying such an upsurge in popularity is the fact that it is an extremely secure method of payment. In this technological age in which hackers can easily acquire sensitive information, people are becoming warier about sharing their details online. And when you think about how many sites you give your credit card information to, it can get quite scary. An option like paysafecard allows customers to purchase vouchers of a certain value before buying things online. This means that, when they shop, they are not divulging any of their own personal information at all.
Options like paysafecard are becoming well-favoured in certain industries such as the online gambling sector. This is because people play these sites from all over the world, and going through banks would add extra charges to payments. According to Casino Shark, sites that have a number of different payment options are likely to attract a higher number of players than those that offer fewer choices. The comparison site regards casinos that don’t offer a wide range of payments as inferior to those that do.
So how can paysafecard get up there with the payment giants of the world? As an alternative to credit and debit card payments, PayPal is perhaps the company that paysafecard wishes to aspire to. The payment platform, which gained fame as a subsidiary of eBay in 2002, is now available in 202 markets and has 244 million active accounts. Customers can send and receive funds in 25 currencies worldwide. To expand its global reach, PayPal cut deals with large companies in different regions. For instance, in China, the payment platform formed a partnership with Baidu in order to reach the firm’s 100 million mobile wallet users in the country.
It is fair to say that paysafecard has a long way to go before it catches up with the big players. But its recent expansions have put it on the right path towards becoming one of the most important payment options. The fact that more and more people are seeking secure ways to pay in the internet age is likely to work in paysafecard’s favour.