The company’s move into Argentina comes on the heels of its acquisitions of Latin American payments companies PagoEfectivo and SafetyPay, according to a press release Tuesday (Aug. 23).
The paysafecard enables consumers to shop online by using cash to buy a prepaid voucher with a 16-digit code, and the amount purchased is then added to their myPaysafe account. Per the release, the card gives cash-dependent consumers the ability to participate in eCommerce.
As some consumers don’t feel safe sharing their banking information online or simply prefer not to, the release noted that the paysafecard also gives them options.
See also: Mastercard, Paysafe Expand Tie-Up With Faster Payments From Mastercard Send
The majority of the population in Argentina doesn’t have a credit card and some lack a deposit account, making cash-based tools a solution to advance financial inclusion. At the same time, internet and smartphone use are typical for most of the country, and eCommerce use is growing.
Pafesafe’s paysafecard helps Argentinians access the world of gaming, social media and entertainment without needing banking or credit card information, according to the release.
“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,” said Chirag Patel, president, digital wallets at Paysafe. “We see great potential here to help our international merchant partners provide the right payments options for their customers and make more transactions.”
Related: UK’s Paysafe Further Collabs With Visa Direct for Real-Time Payments
In 2019, the paysafecard left Argentina over regulations that restricted the use of cash for payments to international merchants. However, new local online regulations have shifted the landscape, and paysafecard can now service international merchants cooperating with local partners.
