paysafecard continues expansion in South America with launch in Paraguay

paysafecard, a market leader in online prepaid payment solutions and part of specialized payments platform, Paysafe, continues to strengthen its presence in South America by launching in Paraguay.

paysafecard enables consumers to shop for goods and services online, simply and securely, using a 16-digit PIN to complete the payment transaction. It opens up significant possibilities for online shopping for millions of consumers who were previously excluded – either because they don’t have a bank account or credit card, or because they don’t want to share their bank account details on the internet, often for security reasons.

Out of Paraguay’s seven million inhabitants¹, about 65% have internet access² while mobile phone penetration is relatively high at 96.6%.³As of 2017, only 31% of the population had bank accounts and just 6.5% of the adult population had credit cards.⁴ As such, paysafecard provides an ideal solution for Paraguayans to use prepaid vouchers to make online purchases conveniently and without the need for bank accounts or credit card information.

Thanks to a partnership with Practipago, a popular payment and collection network, paysafecard can be bought at over 1,800 retail outlets in Paraguay, including grocery stores, convenience stores, petrol stations and kiosks and is offered in four denominations (50,000, 100,000, 250,000 and 500,000 Paraguayan Guaraní, 1 euro equates to around 7042 Guaraní).

Udo Müller, CEO of paysafecard, comments on the launch: “South America provides an ideal environment for prepaid solutions and we are happy to be expanding into Paraguay. A considerable part of the population is clearly underserved in terms of bank accounts and credit cards, so paysafecard will enable Paraguayans to participate in the online marketplace and digital entertainment, easily and securely.”

¹ Source: CIA World Factbook

² Source: Statista

³ Source: Statista

⁴ Source: Statista