Paysafe expands into Argentina with its eCash payment solution, paysafecard

By Edlyn Cardoza

Paysafe, a specialised payments platform, today 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 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 significant opportunities for e-commerce for millions of previously excluded consumers – 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.

As such, paysafecard provides an ideal solution for Argentinians to use cash for online purchases and 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.”

Recently, IBS Intelligence reported that Paysafe announced that it had obtained registration in Italy as a Virtual Asset Services Provider (VASP) with the ‘Organismo Agenti e Mediatori’ (OAM). OAM recently introduced the register in Italy as a requirement for all companies offering crypto trading, custody or other services in the country in light of the rapid growth of the virtual asset market.