PayPoint and Paysafecash bring online cash payments to the UK
Since September this year, the leading in-store payments technology provider PayPoint has partnered with Paysafecash to bring online cash payments to the UK.
Through this partnership, Paysafecash, which was developed by Paysafe Group, a leading global payments provider, is an available payment option at 28,000 PayPoint sites across the country. The news comes as the two companies have signed a new multi-year agreement, extending a relationship that has spanned over a decade.
Paysafecash is an alternative payment method that makes it possible to pay securely with cash on the Internet. Even people who do not have any access to credit cards or online banking or do not want to disclose their financial details for security reasons for their Internet payment can use it for online shopping.
- At the online checkout of the webshop, the customer selects Paysafecash as the payment option and generates a barcode.
- The barcode can be printed, forwarded by e-mail or SMS, or stored in a mobile wallet application on a smartphone.
- Using the search function online or in the Paysafecash app, the customer finds the nearest payment point. The barcode is scanned by the sales staff and payment is made.
- The online retailer or service provider processes the order directly after payment and the goods or services are delivered. No customer bank account or credit card data is required, and the payment is completely secure.
Since its launch in June 2018, Paysafecash has grown to provide the biggest online cash payment network worldwide. It is available in 25 countries and at over 100,000 offline payment points. Over 99% of consumers in the UK are based within 1 mile of a local PayPoint store in urban locations.
Bank notes and coins remain a necessity for eight million people in the UK according to the Access to Cash review released earlier this year, and the UK ecommerce market is growing steadily, reaching £137.38bn in value last year, according to data from the Office of National Statistics.
Commenting on the partnership, Lewis Alcraft, Chief Commercial Officer at PayPoint, said: “There remains a demand for cash payments in the UK and innovations such as Paysafecash help us to meet this consumer need. Through propositions such as Collect+ and Paysafecash, our retailer partners are ideally placed to benefit from the popularity of online shopping and make the process more convenient for customers. We’re continually looking to introduce innovative solutions such as this to help our retailers better serve their communities.”
Udo Mueller, CEO of paysafecard – the business behind the Paysafecash product, added: “We are committed to bringing the benefits of cash payments for online shopping to the UK and offering consumers multiple ways to pay through our range of payment methods at Paysafe. Our partnership with PayPoint allows us to offer consumers across the country who rely on cash or who do not wish to share their financial details online the ability to participate in the UK’s growing e-commerce space. Our mission is to enable everyone to participate in eCommerce, independent of their access to digital payment options.”