Spreedly Adds Paysafe to Its Open Payments Platform

Payments platforms Paysafe and Spreedly have announced a new collaboration.

This partnership, announced Monday (Feb. 23), sees Spreedly’s payments orchestration platform integrating Paysafe as an acquirer to process credit card and debit card payments for online merchants in Europe, North America and other global markets.

“At Spreedly, we believe open payments drive better outcomes for merchants,” Michael Rokos, partner strategy director at Spreedly, said in a news release.

“Bringing Paysafe onto our Open Payments Platform expands optionality for our customers and reinforces our mission to provide a flexible, future-ready infrastructure for global commerce.”

Spreedly’s Open Payment Platform connects to more than 140 payment gateways and 40-plus unique payment methods, and now includes the Paysafe Gateway, which will process online card payments for merchants and their customers, with all transactions concluding within seconds.

The partnership is now live, with Paysafe processing card payments for multiple online trading brokers and financial services companies using Spreedly’s Open Payment Platform. Additional merchants are close to being brought on board, with these and several more expected to launch before the end of the year.

“While the first phase of the Spreedly partnership focuses primarily on Paysafe’s role as an acquirer for card payments, merchants will also be able to integrate the company’s suite of alternative payment methods,” the release added.

“These include Paysafe’s flagship digital wallets Skrill and Neteller as well as PaysafeCard, a pre-paid payment method for consumers who prefer transacting online with cash.”

In an interview posted Monday, PYMNTS spoke with Bob Legters, chief product officer at Paysafe, about the way digital wallets are becoming the “organizing layer of commerce,” encompassing identity, funds, rewards and brand engagement.

Wallets are already embedded in the daily habits of billions of users, and Legters said many consumers don’t realize they’re using them.

“I’ve talked to multiple consumers where they’ve said, ‘Yeah, no, I don’t use wallets,’” Legters said, adding that it soon becomes obvious that these people store funds inside apps, keep balances for future purchases or manage segmented spending via digital platforms.

To gauge the success of wallets, Legters pointed to “shift mix,” or the proportion of payment dollars passing through wallet rails compared traditional systems. The goal is not elimination but rebalancing.

“Almost no payment methodology that’s been invented has ever been retired,” he said, adding that in a payments landscape of abundance, wallets can be particularly valuable for both consumers and merchants.