Vienna-based paysafecard, which enables unbanked consumers to make online payments using a service backed by a prepaid card, is expanding to the United Arab Emirates.
Paysafecard’s move to the UAE coincides with the country’s “Smart Dubai” initiative to encourage more technology and digital payments development, paysafecard said in a Monday press release.
The UAE provides a ripe environment for paysafecard’s services, supported by a physical card and a mobile app, as internet usage is more than 90% but credit card penetration is relatively low and consumers still mostly transact in cash, paysafecard said in the release.
Paysafecard will launch in the UAE in cooperation with uPay, which will support the payment option at 300 vending machines, according to the announcement.
“Being able to offer paysafecard in the UAE brings great value for the customers because it allows them to use their preferred payment method of cash to pay online quickly and safely, and also at local brick-and-mortar shops,” said Udo Müller, paysafecard’s CEO, in the release.
Paysafecard, a unit of U.K.-based Paysafe Group, is available in 44 countries and is supported by more than 500,000 retail outlets, where consumers pay by entering a 16-digit paysafecard PIN at the point of sale.