Leading specialised payments platform, Paysafe, launches Paysafecash in Bulgaria today as a new secure and easy way to pay with cash for online purchases in virtually any area of the retail space. Paysafecash, now available in 28 countries, is designed for consumers who do not have a bank account or credit card, or who do not wish to disclose sensitive financial data on the internet.
The way Paysafecash works is the following:
- The customer selects ‘Paysafecash’ as the payment method at checkout, which generates a barcode.
- The code can be stored on your mobile device or printed.
- Using the search function, the customer finds the nearest Paysafecash payment point. The barcode is scanned by sales staff and payment is made in cash.
- The online shop processes the order directly after payment is made and then the goods are dispatched. No customer account or credit card data is required and the payment is completely secure.
With a population of about 7 million, Bulgaria’s internet usage is at about 60%. The eCommerce market is expected to grow strongly with an annual growth rate of 15.9% between 2020 – 2024 and the current user penetration of 40% is predicted to increase to 55.3% by 2024. Furthermore, recent research shows that 56% of Bulgarians would buy products online with cash if it was easy to do so, and 50% would shop online more often if they were able to pay with cash.
Paysafe’s prepaid cash solution – paysafecard – has been available to Bulgarians since 2013 and the company will leverage the existing paysafecard distribution partnership with EasyPay, who operate a well-established, licensed network of over 300 payment points.
Udo Müller, CEO of paysafecard – the team behind Paysafecash, said: “Leveraging our long-standing partnerships with EasyPay in Bulgaria enables us to offer Paysafecash to consumers throughout the country. With strong growth expected in the Bulgarian eCommerce market we are excited to be part of the journey and enable consumers to participate in the world of eCommerce while at the same time meeting the needs of those that do not wish to disclose sensitive financial details on the internet. As our recent Lost in Transaction research shows, more than half of the Bulgarian population would like to shop online more regularly but are afraid of being scammed.”