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News and resources on payments systems, innovations and initiatives worldwide.

Paysafecash launches in Latvia

Source: Paysafe

Leading specialised payments platform, Paysafe, launches Paysafecash in Latvia today as a new secure and easy way to pay for online purchases in virtually any area of the retail space.

Now available in 26 countries, Paysafecash is designed for consumers who do not have a bank account or credit card ─ or who do not want to disclose sensitive financial data on the internet. It is easy for consumers to use:

1. The customer selects ‘Paysafecash’ as the payment method at checkout and loads the generated QR/barcode to their wallet.
2. The code can be printed or sent to a mobile phone.
3. Using the search function, the customer finds the nearest Paysafecash payment point. The QR/barcode is scanned by sales staff and payment is made.
4. The online shop processes the order directly after payment and the goods are delivered. No customer account or credit card data is required and the payment is completely secure.

With a population of 1.8 million, internet usage in Latvia is at about 80%1. The eCommerce market is expected to continue growing steadily at an annual rate of 6.1% and the current user penetration of 65.8% is predicted to increase to 68.5% by 20242.

Paysafe has had a presence in Latvia since 2011 with its prepaid cash solution paysafecard. Paysafecash will leverage the existing distribution network of the leading retail franchise Narvesen with about 250 payment points, further increasing the availability of eCash across the country.

Udo Müller, CEO of paysafecard - the team behind the Paysafecash, said: “Paysafecash allows consumers who prefer paying by cash to participate in the world of eCommerce. We are pleased to offer this innovative and safe payment solution in Latvia. With this launch, we are meeting the needs of consumers who want to buy things online without disclosing their personal financial details, such as credit card or bank account information.”

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