Paysafe, a leading specialized payments platform, announced its expansion into Argentina with its market-leading eCash payment solution, paysafecard, providing a secure and easy way to pay with cash for online purchases, particularly in the digital entertainment space. The expansion follows Paysafe’s recent acquisitions of Latin America-based payments companies PagoEfectivo and SafetyPay and enables further scale and cross-selling opportunities for the company in this high-growth market.
paysafecard enables consumers to simply and securely shop for goods and services online by purchasing pre-paid vouchers with a 16-digit code in cash and adding the amount to their myPaysafe account. Online payment transactions can then be completed by entering the account’s username and password. The option to use cash opens up significant opportunities for eCommerce for millions of consumers who were previously excluded – either because they don’t have a bank account or credit card, or because they don’t want to share their bank account details on the internet, often for security reasons.
Cash-based online payment solutions continue to be a major driver for financial inclusion. In Argentina, around 76 per cent of the population do not have a credit card and around 20 per cent do not have a deposit account. Against this, Internet penetration and smartphone penetration is high at 80 percent and 75 percent respectively, and eCommerce user penetration is expected to grow from 58.6 percent projected for 2022 to 61.9 percent in 2025.
As such, paysafecard provides an ideal solution for Argentinians to use cash not only for online purchases but also to access the world of gaming, social media and entertainment without needing to provide bank account or credit card information online.
Chirag Patel, President Digital Wallets at Paysafe, commented on the launch: “We’re excited to be operating again in Argentina, where eCommerce and online financial services are growing rapidly while the population remains underserved in terms of cards. We see great potential here to help our international merchant partners provide the right payments options for their customers and make more transactions.”
