Paysafe, a payments platform, has launched its ecash payment solution in Argentina, as the company seeks to expand its LatAm footprint.
Paysafecard is a payment solution that allows users to securely shop for goods and services by using cash to purchase pre-paid vouchers with a 16-digit code, after which the balance is added to their myPaysafe account.
Approximately 76% of Argentinians do not have a credit card, and approximately 20% do not have a deposit account.
The ability to use cash with paysafecard allows new customers who were previously excluded due to a lack of a credit card or bank account to gain access. For these people, the card provides access to gaming, social media, and entertainment services.
“We’re excited to be operating again in Argentina, where ecommerce and online financial services are growing rapidly while the population remains underserved in terms of cards,” said Paysafe President of Digital Wallets Chirag Patel.
“We see tremendous opportunity here to assist our international merchant partners in providing the right payment options for their customers and increasing transaction volume.”
The move follows Paysafe’s recent acquisitions of Latin American payment companies SafetyPay and PagoEfectivo, with the goal of enabling additional growth and cross-selling opportunities in the region.
Paysafe released its Q2 2022 financial results earlier this month, reporting a 1% decrease in revenue.
Revenue for the period was $378.9 million, a 1% decrease year on year. Despite this, Paysafe reported a 3% increase in revenue when measured in constant currency.
The report outlined operational highlights, such as BetSaracen’s entry into the Arkansas iGaming market and the appointment of Rob Gatto as Chief Revenue Officer.