VIENNA, July 31, 2017 /PRNewswire/ --
Providing alternative, secure and compliant payments for online purchases within region
paysafecard, a global leader in online prepaid payment methods and part of Paysafe Group plc, enters the United Arab Emirates, offering a secure and fast prepaid payment solution that will not require bank or credit card details.
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The UAE continues to embrace technology innovation in line with its government's 'Smart Dubai' initiative to transform Dubai into the world's smartest city. With Samsung, Apple and many other international technology companies taking advantage of the governments' initiative and support, digital payment systems have become a key area of focus which made moving into the UAE a logical step for paysafecard.
The UAE are ranked ninth in gross national product per capita when adjusted for purchasing power, placing it above countries such as Switzerland. Internet usage is also at more than 93%, almost 65% of the 5.8 million-strong population use mobile broadband internet. Cash affinity is still very high and credit card penetration is rather low.
"The UAE is an ideal market for our business expansion given the GNP, Internet usage, demographics and low credit card usage. Being able to offer paysafecard in the UAE brings great value for the customers because it allows them to use their preferred payment method (cash) to pay online quickly and safely as well as for local brick-and-mortar shops. By offering an established prepaid payment method such as Paysafe´s paysafecard a bridge is created between e-commerce and the brick-and-mortar shops. By selling paysafecard, shops can not only generate new customers, increase customer satisfaction and customer loyalty, but they can also earn money in what is a classic e-commerce process. In addition, customer traffic increases because paysafecard users are regular customers for the most part," comments Udo Müller, CEO, paysafecard.
The prepaid specialists are making their start in the UAE in cooperation with sales partner uPay, which will offer the payment method at 300 vending machines. Currently, paysafecard is already available in the emerging MENA region; in both Saudi Arabia and Kuwait.
"We are proud to bring paysafecard to the UAE and providing a leading prepaid payment method to the internet users of our country. In doing so, we fill a gap that for many people here was a real obstacle to using the opportunities of the internet when it comes to convenient and safe payments. We look forward to a successful cooperation that will benefit all parties involved," comments Mr. Timur Turpalov from uPay.
Paysafe Group offers prepaid solutions with the brands paysafecard and my paysafecard. Growth was 14% in the 2016 financial year, and 11% the year previous. paysafecard achieved a 2.8 billion prepaid transaction volume in 2016 across all merchant transactions.
paysafecard is a prepaid online payment method available in 44 countries and at over 500,000 sales outlets. paysafecard is available to everyone - customers need neither a bank account nor a credit card. Paying requires simply entering the 16-digit paysafecard PIN. paysafecard, from its headquarters in Vienna, has become one of the market leaders in prepaid payment solutions with the brands paysafecard, my paysafecard and paysafecard Mastercard®. The company was founded in Austria in 2000, and belongs to Paysafe Group PLC. Paysafe shares are traded on the London Stock Exchange under the ticker symbol (PAYS.L).
Paysafe provides digital payments and transaction-related solutions to businesses and consumers around the world. Paysafe is redefining payments by enabling fast, convenient and secure ways to pay before, pay now and pay later through its payment processing, digital wallets, prepaid solutions and card issuing, and acquiring products and services. We believe that every point of every payment should be relevant, simple and secure. With two decades of experience, Paysafe is trusted by businesses and consumers to move and manage money through more than 100 payment types and 40 currencies. Paysafe offers multi-platform products with an emphasis on emerging payment technologies including mobile. Paysafe's brand portfolio includes NETELLER® and Skrill®, MeritCard, paysafecard®, payolution®, Income Access and FANS Entertainment. Paysafe Group plc shares trade on the London Stock Exchange under the symbol (PAYS.L). For more information, visit: http://www.paysafe.com
Source: IMF World Economic Outlook Database, June 2017
 Source: http://www.thenational.ae
 Source: http://www.emarketer.com
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SOURCE Prepaid Services Company Ltd.