Paysafecard Expands to Physical Retail with Prepaid MasterCard

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Online payment provider paysafecard is offering its customers a plastic prepaid MasterCard card to extend the company's e-commerce offering into the physical retail world.

Vienna-based paysafecard views the partnership with MasterCard as a way for consumers to have the benefits of cashless payments without a conventional credit card or bank account, Udo Muller, CEO of paysafecard, stated in an Aug. 12 press release.

"More and more users value prepaid cards, allowing them to enjoy the convenience of paying with a card while retaining optimal control over their finances," Muller added.

The card carries an annual fee of 9.90 euros with a top-up fee for prepaid cards of 4%. Consumers using the card will also pay an ATM cash withdrawal fee and a charge for payments made in foreign currencies, paysafecard said.

Paysafecard users input a 16-digit PIN to complete an online payment, which draws funds from the user's online paysafecard account. The paysafecard MasterCard, which links to the same account, has an account number that is different from the 16-digit PIN used online.

The standard paysafecard MasterCard is available to consumers 18 and older, and a paysafecard MasterCard Youth Card is available to younger consumers with the consent of a parent. The youth card can be used only for purchases deemed suitable for the age group, paysafecard said.

Paysafecard is a unit of the Skrill Group and has offices in London, Dusseldorf, Lucern, New York, Mexico City and Buenos Aires in addition to its Vienna headquarters.

Last month, paysafecard entered new markets in Latin America, making the prepaid product available for consumers in Peru and Uruguay.

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