paysafecard (as a brand stylized in lowercase) is part of Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS), a global payments platform. Paysafecard is a prepaid cash-based, online payment method based on vouchers with a 16-digit PIN code. The vouchers can be used to fund online transactions without a bank account, credit card, or other personal information.
Users can purchase vouchers at local sales outlets or online via their myPaysafe account and entering the code at the checkout of the respective website (e.g. an online gaming provider). paysafecard codes can only be used at authorised online shops and should not be shared on marketplaces, by mail or telephone.
paysafecard’s scope of services and partner webshops varies by country. In most countries, a personal account called myPaysafe is available for uploading codes and managing balances. Starting in Austria in 2000, as of 2023 paysafecard is available in approximately 50 countries. Two former competitors, Dutch Wallie and British Ukash, were acquired by paysafecard.
In 2013, paysafecard was acquired by the digital wallet provider Skrill, and in 2015 the Skrill Group was acquired by the Optimal Payments Group, a global online payment processing provider regulated in the United Kingdom. Optimal Payments subsequently rebranded as Paysafe.
Name: paysafecard and Paysafe
In 2015, paysafecard became a part of the multinational Optimal Payments online payment corporation, which subsequently rebranded as Paysafe. paysafecard, however, continues to be a subsidiary brand of the Paysafe Group in its own right, alongside some others, like the digital wallets Skrill and NETELLER.
Geographical extension
As of 2023 paysafecard is issued in approximately 50 countries—covering most of Europe and North America, Australia and New Zealand, and some countries in Western Asia and South America.
Countries with paysafecard available include Argentina, Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, Ireland, Italy, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Moldova, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Romania, Saudi Arabia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Arab Emirates, the United Kingdom, the United States and Uruguay.
Acceptance
Products and services available to buy with paysafecard include online games, social media, telecommunication, music, and others. The scope of websites accepting paysafecard varies per country for several reasons. The most widespread use is for online games; for example, League of Legends accepts paysafecard in 41 countries as of 2018. Examples of other partners accepting paysafecard in 20 or more countries include Amazon, Google Play Store, Microsoft.com, Xbox.com, Minecraft, PlayStation 4, Steam, Guild Wars, Second Life, Facebook and Newegg.
History
Early years
The company behind paysafecard is based in Vienna, Austria. It was founded in 2000 by four Austrians, including the first CEO Armin Sageder, as paysafecard.com Wertkarten AG ("paysafecard.com prepaid card Inc."), later transferred into a GmbH, a private limited company. The technical partner providing expertise and the original hardware was IBM Austria. The following year, paysafecard also launched in Germany. In 2004, co-founder Michael Müller assumed the role of CEO.
In 2005, paysafecard received an EU funding under the eTEN program supporting electronic services with a trans-European dimension. Subsequently, paysafecard launched in Slovenia, Greece, Slovakia, Spain and the United Kingdom. In 2008, British subsidiary Prepaid Services Company Ltd. received an EU-wide e-money licence by the British Financial Services Authority (FSA), later the Financial Conduct Authority (FCA) under the Financial Services and Markets Act 2000, expanding to a small e-money issuers certificate valid for the United Kingdom in 2006. This authorised the company to issue e-money throughout the European Union. Also in 2008, paysafecard Switzerland obtained a license as a financial intermediary.
