Paysafe, a leading integrated payments platform, has announced the launch of Paysafecash in the US. Paysafecash is an eCash solution, allowing users to pay for goods online safely and seamlessly with cash.
The eCash solution is powered by the Vanilla Direct payment network of the global payments tech company, InComm Payments.
Paysafecash Launched in US
Consumers who prefer using cash to make payments can do so via Paysafecash. They simply select the Paysafecash brand at the online checkout of participating websites. Customers will then have access to a barcode, which they can store on a mobile device or print off.
Cash payments can then be made at InComm Payments’ Vanilla Direct network. The network comprises of more than 60,000 retail locations across the US, including Dollar General, 7-Eleven and Family Dollar. When the customer’s barcode has been scanned and the balance paid in cash, the payment is completed.
Rising Demand for eCash Solutions
Research by the Federal Reserve shows that 22% of households in the US are either unbanked or underbanked. This represents a significant slice of consumers, who are unable to make payments via credit or debit card online.
Furthermore, the current Covid-19 health crisis has created even greater demand for eCash solutions. The surge in eCommerce we have seen in 2020 has long-term growth potential for businesses. It is, however, is not without its challenges. One such challenge is fulfilling the needs of consumers who want – or need – to pay for items by cash.
eCash solutions solve this challenge, enabling customers to essentially pay for goods by cash in a safe and convenient manner. The system enables customers to avoid lengthy and potentially crowded physical waiting times.
According to Paysafe’s Q2 research, uptake for its eCash product has been significant, with 14% of US consumers using eCash at least monthly during 2020.
By offering customers the chance to pay for goods online with cash, small businesses are opening themselves up to a hefty chunk of the market. Rather than alienating themselves from the growing demand for eCash solutions, small businesses will increase the reach of their products or services to a wider audience.
As Udo Müeller, CEO of paysafecard, the team behind Paysafecash at Paysafe, commented:
“Against the backdrop of the converging trends of cash loyalty and a rising need to transact online, we feel there is strong consumer demand in the U.S. for our Paysafecash solution. We’re proud to bring to the market an eCash product that will allow underbanked and unbanked Americans to participate in the digital economy and prevent financial discrimination against the cash consumer.”
The eCash solution will be available at more than 600,000 retail locations across the United States. Customers do not need to create a Paysafecash account to make a transaction, making the whole process more streamlined and accessible.
By bringing convenience to the end-user, PaySafe is enabling small businesses to tap into the growing demand for eCash payments. Retailers partnering with PaySafe to offer the eCash solution will benefit by the scheme through increased in-store traffic.