paysafecard, the Vienna-based global market leader in prepaid online payment methods, pursues its global growth strategy in new countries.
Market entry into Kuwait sees it complete the next step of its strategy in the MENA region (Middle East & North Africa). Kuwait is the 41st market worldwide in which paysafecard is available as “cash for the internet”. As one of the fastest growing markets for prepaid payments in the Middle East region and boasting a young and internet-adept population, Kuwait now joins the paysafecard world map. Here, and in 40 other countries, paysafecard offers a simple, safe and fast online prepaid payment solution for digital goods.
Young, internet-adept society
Kuwait has established itself as an attractive hot spot for technological developments in the Middle East region. The population of 2.75 million people is approximately equivalent to the emergent European state of Slovenia. 85% of the population are under 40 and highly open to technological innovations: Internet usage is the highest of the region (85%) and the usage of mobile broadband technologies mathematically reaches as high as 100%.
Strong economy, booming gaming market
With an annual gross domestic product per capita of 71,000 USD (source: www.cia.gov), Kuwait occupies tenth place in the world. However, 35% of the population does not have a bank account. In addition, the significance of online games for the overwhelmingly young population is evident: The gaming market alone recently generated an annual volume of 200 million USD across the entire MENA Region, with an annual growth rate of 46%.
Emphasis on digital entertainment
Focusing on online gaming and digital entertainment, such as music and social media, paysafecard is available in the amounts of 5, 10, 20 and 60 Kuwaiti Dinar (1 Kuwaiti Dinar is equivalent to around 3 euros). paysafecard is a prepaid solution which works like a prepaid mobile phone card: Customers purchase a 16-digit PIN in exchange for cash and use this to pay at an online shop. Distribution is handled by several partners with a total of more than a thousand sales outlets. In terms of population and a land area of 17,800 km² (a little smaller than Lower Austria), this secures an extremely dense network and easy access to paysafecard.
Udo Müller, CEO of paysafecard, on this latest expansion step: “Kuwait is, without a doubt, a poster child of the digital age. The push into Kuwait underscores how our belief in the huge potential of new markets is greater than ever. The move requires deep analysis and thorough preparation alongside full compliance with local legal requirements. Having completed this work, I am convinced of the success of paysafecard in Kuwait. It also expands our international position, which is a central factor in the success of paysafecard.”
Preparations for the next step in the region - namely the introduction of paysafecard in the United Arab Emirates and Saudi Arabia - are already in full swing.