Paysafe , a UK-based payments platform, has launched Paysafecard, an alternative payment option on Microsoft. com and Xbox.

com . The prepaid payment solution is available in the US and eight additional European countries. This means that millions of customers in these countries who don’t have access to traditional online payment solutions or do not prefer sharing their credit card information online can now make cash-based purchases on Microsoft.

com and Xbox. com. This service is also available on the Xbox game console in 22 European nations.

The prepaid payment solution Paysafecard, available in 50 countries through a distribution network of 700,000 retail stores, enables consumers to use cash to pay for services online. Using a 16-digit code, payment transactions are completed simply and reliably, without the need to enter bank account or credit card details. This marks the newest extension of a collaboration between the two companies which together offered Paysafecard as a payment method on Microsoft.

com and Xbox. com in December 2020 and includes a multi-year, global deal for Microsoft to support Paysafe’s cloud-based transaction services using Microsoft Azure. It first started with eCash Paysafe’s core purpose is to enable businesses and consumers to connect and transact through capabilities in payment processing, digital wallet, and online cash solutions.

Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics, and the convergence between brick-and-mortar and online payments. Paysafecash allows customers to make secure cash payments for online purchases or online/paper bills, repay loas and mortgages, or make cash deposits to their personal bank account or wallet. All of that in cash, after having the Paysafecash barcode scanned at one of 200,000 participating partner stores in almost 30 countries.

Because eCash doesn’t require consumers to share any financial details, it makes online payments safer. Research by Paysafe suggests that the growing preference for eCash payments is down to two key factors: the increasing importance of online security in ecommerce transactions and a desire for more control over spending. Therefore, in present, with online fraud at record levels and the cost-of-living skyrocketing, consumers have become more risk-averse and budget-conscious.

The role of cash in financial inclusion To open a bank account, a person needs money, proof of ID, and proof of address. While this may seem straightforward, complying with one, two or even all three requirements can be unexpectedly challenging, especially for migrants and underserved communities. Moreover, according to a report by the UK Financial Inclusion Commission, 50% of the unbanked don’t want a bank account.

And at least 15% of the newly banked close or abandon their account because they lose more in fees and charges than they gain by having it. These findings are echoed by the ATM Industry Association, which notes that the cost of maintaining a bank account can make having one financially unviable. With this in mind, cash has a crucial role to play in promoting financial inclusion.

By providing a simple, safe, and flexible way to pay with cash online, we can bridge the gap between unbanked and underbanked consumers and the online marketplace that’s an increasingly essential part of the mainstream economy. .