Paysafecard is bringing its prepaid online payment service to Peru and Uruguay, providing those who may not have a bank account with an e-commerce shopping option.
Vienna-based paysafecard has been available in Mexico and Argentina for the past four years, and plans to target "burgeoning economies exhibiting the optimal conditions for prepaid online payments" in Latin America, the company says in a July 1 press release.
As many as 70% of Peruvians do not possess a bank account and rely on prepaid products, paysafecard states.
Paysafecard customers do not need a bank account or credit card to shop online. Users input a 16-digit paysafecard PIN to complete an online payment. Paysafecard says its prepaid system can be used at thousands of online shops.
As paysafecard launches in Peru, the company says it has secured more than 3,500 sales outlets to accept the payment system. That figure will grow to 10,000 over the coming months, the company says.
Uruguay is a strong market because it has an Internet penetration rate of 71%, the highest in Latin America, yet 76% of its adult citizens do not have a bank account, the company says.
"As Latin American countries, Peru and Uruguay offer both optimal conditions and enormous potential for our product," Udo Muller, CEO of paysafecard, says in the release. "It is against this backdrop and with strong local partners that we continue to grow as world market leader in a deliberate fashion."
In addition to Vienna, paysafecard has offices in London, Dusseldorf, Lucerne, New York, Mexico City and Buenos Aires.
Earlier this year, the company added augmented reality to its mobile app to help users find store locations. The technology displays on-screen data over the street locations visible through a phone's camera.
Paysafecard's mobile app also supports QR code payments and access to the user's online account.