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Screenshot of a breaking news alert e-mail from Q2 2017
paysafecard, an online prepaid payment methods company and part of Paysafe Group plc (LON:PAYS), announced that enters the United Arab Emirates, offering a secure and fast prepaid payment solution that will not require bank or credit card details.
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 capital 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,” said 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.” commented Mr. Timur Turpalov from uPay.