Technology

What is a paysafe card?

Among the top modern payment methods available, the Paysafe card is gradually becoming popular. Its application is now spread across many industries; even online casinos are not left out. The Paysafe card offers valuable benefits that allow users to carry out transactions globally in record time. 

Paysafe Card is an online payment method managed by the Paysafe Group, a UK-based business.  It works as a voucher which can be purchased offline or online. It’s used in many countries, especially with a legalised online gambling system. There’s little wonder, as there are many top paysafe casinos that use Paysafecard online processes as a payment method. It’s used for an online purchase by loading a 16-digit pin on your platform of choice. 

What are the Benefits of Paysafecard?

With the increased rate of cyber fraud, identity theft, and other internet scams, most people are sceptical of making payments online where their financial information will be required. The introduction of the Paysafecard online method now shows tremendous benefits. Some of them include:

  • Minimum release of personal financial information. With a Paysafecard, customers no longer need to release their financial details on a website. Using the 16-digit prepaid code, payment is made.
  • There are no chargebacks. A peculiar problem with most online platforms is the risk of a chargeback. All payments made using this platform are processed successfully.

Types of Paysafecard

Paysafecard is available in two major types; the classic online Paysafecard (PIN) and MasterCard. 

The classic Paysafecard allows you to enter a code on the website that accepts this method. The pin represents your money, and its value is in the amount you purchase. Using the classic feature, you don’t need to enter additional billing information when checking out. It’s a great way of saving your personal information. 

The Paysafecard Mastercard appears like your regular bank card. It offers both the online and offline format, especially since it is accepted in many countries and supports diverse currencies. With this option, you can change currencies when you need to. You can also shop on websites that partner with the payment merchant. 

How to use the Paysafecard

To use a Paysafecard, there are two means. The first is the offline variant with the Paysafecard Mastercard. It is similar to conventional banking cards. It works like a prepaid credit card which helps you in an offline method. To use it, select the MasterCard option and input the details. 

The second option to use a Paysafecard is the voucher. On the website where Paysafecard is listed as a payment method, select a paysafe card during the checkout and follow the instructions. Here, you need to enter the 16-digit pin code you purchased. 

What merchants can benefit from Paysafecard?

As an online means of payment, Paysafecard can be used by a wide range of payment platforms. While you can find an updated list of payment partners on their official website, here are some people who can benefit from using a Paysafecard MasterCard or the classic pin. 

  • Online casinos (online gambling sites)
  • Dating websites
  • E-commerce platforms (Alibaba, Amazon, Zalando, etc.).  

Business Model and Rates

The Paysafe card uses an exciting business model to make a profit. While there are no transaction charges, specific fees apply in certain areas. 

  • The company charges a basic administration or transaction fee of up to $3 on balance, 12 months after purchasing credits. The fees will be deducted from the remaining balance on the customer’s account. 
  • Payments made in a currency apart from the one used to purchase the credits attract a 2% fee. 
  • For customers who apply for reimbursement of credits that have expired, they need to produce proof of ownership. This includes a copy of a verification ID, the Paysafecard online pin, and personal bank details. 

Conclusion

Paysafecard is one of the most common payment options available at online casinos. Its ease of payment, high-security encryption, and low fees have made it a valuable option for top merchants and customers. However, it comes with cons, especially for players at online casino sites. While it can be used to make deposits, it does not allow withdrawals. This proves to be a concern, primarily since methods used to fund an account are the same to be listed for withdrawal requests. 

However, Paysafecard online has valuable benefits. It’s easy to set up and is in use globally.