Gain millions of new customers in Germany, by offering online cash payments with Paysafecash!Mar 11, 2020
There are many good arguments for paying with cash as often as possible – including on the internet. It's no accident that cash is easily, the most popular German payment method; 74% of all in-store transactions in 2017 were made in cash. The volume in circulation is increasing and there is no better payment method when it comes to data security – simply because its use requires no sensitive data to be shared.
There is also a significant number of people who have no access to other methods of payment (such as a credit card or bank account). 46%1 of people in Germany have credit cards: so just over half the German population do not own a credit card. And in Europe as a whole, 40 million2 adults still do not have a bank account.
Others do have cards and/or accounts, but deliberately avoid using them on the internet. All the signs indicate that Germans’ preference for cash will not change in the next few years. On the internet, however, the share of cash for B2C transactions is only 5%3. So digital merchants an enormous opportunity to reach out to new customers by offering cash payments online.
Merchants are missing billions in potential sales.
Where are these opportunities? As mentioned, many people are currently excluded from e-commerce, where payment is only possible by credit card or bank account. And that is despite the fact that cash is, as has been shown to be, popular and secure. As a result, online merchants are missing out on enormous market potential, as this demographic is more than ready to buy online – they just do not want to lose the advantages of cash when buying from the digital marketplace. But as you can’t simply throw coins and notes into a PC (or smartphone, tablet, etc.), a solution is needed which brings cash to the digital shopping world. Paysafecash is that solution.
Paysafecash expands customer potential.
Paysafecash is extremely simple and secure: The customer selects Paysafecash as the payment method at the checkout process of his or her online purchase, receives a barcode, and takes it to the payment point (e.g. kiosk, petrol station). The barcode is scanned there and the amount of the invoice settled in cash. The merchant is then instructed to release the goods, and the purchase is thereby concluded. Currently Paysafecash is available in 24 countries, and more launches in other countries are expected later this year. Our vision is to provide millions of people in Europe with access to online shopping with cash – simply and securely. For merchants, Paysafecash is an alternative method of payment that gives access to a completely new customer group who would like to buy with cash on the internet, that previously they were unable to reach. With Paysafecash, merchants draw these consumers into their online store – which means more conversions and more turnover too.
See further information at www.paysafecash.com/business
2PPRO (2018 / 2019)
3 The World Savings and Retail Banking Institute
4PPRO WE/CE (2018/2019)