The global payments provider Paysafe Group Plc (LON:PAYS) has just informed the public that it has teamed up with Visa (NYSE:V), confirming its status as a Principal Member of the card scheme. Paysafe will now be authorised to issue Visa prepaid cards to businesses and consumers in Europe.
Paysafe research shows that 10% of consumers globally have used a prepaid card to make a payment in the past month.
Prepaid cards offer an inexpensive but accessible banking substitute to underbanked users, and can be used for eCommerce and point-of-sale transactions, as well as for cash withdrawals.
The ease of use and access to prepaid cards is contributing to the drive for cash alternatives, and the awareness of these solutions is growing rapidly,” said Lorenzo Pellegrino, CEO – Skrill, NETELLER and Income Access at Paysafe Group, responsible for Paysafe’s Issuing division. “The market is growing at a significant rate as the benefits of prepaid cards are realised among both consumers and businesses. Our card issuing partnership with Visa is a real milestone for us, to support us in offering a popular and reliable service to cardholders.
Hugh Kingdon, Head of Fintech, UK & Ireland, Visa, added:
In recent years there has been a great deal of growth innovation in the European prepaid market, a trend that we at Visa have been excited to play our part in. We are always keen to use our expertise and experience to work collaboratively with partners such as Paysafe to develop innovative new offerings for businesses and consumers.
Earlier this month, Paysafe has announced another partnership with Vindicia, an Amdocs and business-to-consumer digital services monetisation company, helping Paysafe’s merchants automatically retrieve failed payment transactions and reduce churn.