Specialised payments platform, Paysafe, announced the launch of Paysafecash in Bulgaria today as a new way to pay with cash or online retail purchases. Paysafecash is now available in 28 countries and is designed for consumers who do not have a bank account or credit card, or who do not wish to disclose sensitive financial data on the internet.
The Paysafecash method allows customers to generate a bardcode at checkout. Then the search function allows them to find the nearest Paysafecash payment point where the barcode is scanned by sales staff and the payment is made in cash.
Bulgaria has population of 7 million with 60% internet usage. The eCommerce market is expected to grow with an annual rate of 15.9% from 2020 to 2024. The current user penetration of 40% is predicted to increase to 55.3% by 2024. Recent research also highlights that Bulgarians would buy products online with cash if it was easy. 50% of the people would shop online more often if they were able to pay with cash.