Paysafe extends partnership with ZEN.COM to bridge the gap between cash and digital banking

Rhea-AI Summary

Paysafe (NYSE: PSFE) has expanded its partnership with ZEN.COM, allowing cash deposits via Paysafecash in 25 European countries. Users can deposit cash into their ZEN.COM accounts through a unique barcode generated in the app, valid for 72 hours, and credited within minutes. This cash loading option is designed to meet increasing consumer demand for secure and straightforward payment methods. The collaboration enhances ZEN.COM's offerings, already integrating Paysafe's prepaid solution, paysafecard, and the digital wallet, Skrill.

Positive

• Expansion of Paysafecash to 25 European countries enhancing customer access to cash deposits.
• Integration of Paysafecash improves customer convenience for digital banking.
• Strengthening partnership with ZEN.COM signals ongoing trust and collaboration.

Negative

• None.

ZEN.COM customers across 25 countries can now use Paysafecash to deposit cash into their accounts

LONDON--(BUSINESS WIRE)-- Leading integrated payments platform, Paysafe (NYSE: PSFE), today announces that it has extended its partnership with payments provider ZEN.COM. Paysafe’s eCash solution, Paysafecash, can now be used by individual customers as well as business clients across 25 countries in Europe to make fast and secure cash deposits into ZEN.COM’s virtual wallets.

After selecting Paysafecash as the top up method in the ZEN.COM mobile app, the customer chooses how much cash to deposit into their account and generates a unique barcode for the transaction. The barcode doesn't have to be used straight away – the customer has 72 hours to proceed further. Within this time, the customer can go to a nearby payment point, scan the barcode at the point of sale terminal and make the payment in cash. The deposited amount will be credited to ZEN.COM’s virtual wallet within minutes. The wallet can manage accounts in 30 currencies and can be used for currency exchange and as a payment card. What’s more, thanks to an integrated IBAN number, the wallet complements the traditional bank account and enables money transfers.

ZEN.COM’s integration of Paysafecash provides a highly sought-after cash loading option for digital banking customers in the following 25 countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, France, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the UK.

Today’s announcement is the latest development in an ongoing collaboration between the two companies. ZEN.COM’s business clients already have the option of accepting payments via Paysafe’s leading prepaid solution paysafecard and digital wallet Skrill. Furthermore, paysafecard has been enabled for wallet loading and there are also plans for further integrations of Paysafe’s payments solutions.

Michał Bogusławski, Commercial Director of ZEN.COM commented, “The financial services industry and the consumer needs within it are changing on a daily basis. However, the general trends give us a clear indication that consumers are looking for simplicity in addition to security. In order to fulfil these needs, innovation and cooperation between industry players is key. At ZEN.COM, we strive to cater to both businesses and customers by providing them with an all-in-one solution. Our cooperation with Paysafe, our valued partner over many years, benefits multiple audiences by allowing us to provide merchants with a wider variety of payment methods and enable customers to use their preferred payment method. As an agile and trustworthy partner, Paysafe is a pleasure to work with.”

Udo Müller, CEO of Paysafe’s eCash division, which encompasses paysafecard and Paysafecash, added: “I’m excited about extending our partnership with ZEN.COM to provide a cash-based deposit functionality with Paysafecash. Our eCash network is extremely well established and continually expanding, making this a very convenient and accessible wallet-loading option for ZEN.COM’s cash-based customers, especially as cash remains a cornerstone of the payment landscape in many of these countries.”

~ENDS~

About Paysafecash
Paysafecash, from leading specialised payments platform Paysafe, is an eCash payment method for customers who want to pay online easily and safely using cash. Available in nearly 30 countries, Paysafecash makes online transactions possible for customers, who do not have a debit or credit card, or who do not want to use them online. Payments are made by generating a barcode during the online checkout, which can then be scanned and paid for in person at one of more than 190,000 payment points. Paysafecash was launched in 2018 by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard in 2000. A market leader in eCash payment solutions, paysafecard allows customers to buy prepaid vouchers that they can then redeem online.

About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of US $100 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

About ZEN.COM
ZEN.COM is an innovative payment model that debuted in November 2020 in response to the challenges posed by the growing e-commerce market. By changing the approach to online trade and paying for purchases, it aims to support both merchants and consumers. As a financial institution, ZEN.COM holds an e-money license under the supervision of the Central Bank of Lithuania, and the European Banking Authority has approved the company's operations throughout the European Economic Area (EEA). As a result, fintech’s services are available across 31 European countries. ZEN.COM has also earned the trust of leading payment institutions. The fintech is a direct partner of many payment organizations, such as Mastercard, VISA, American Express, Union Pay, and in cooperation with global and local payment methods strives to meet the most demanding expectations of users. The company was founded by Dawid Rożek, creator of the international success of the auction site for players with 20 million customers.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005105/en/

For Media Inquiries:

Sanna Raza, Corporate Communications Manager, DACH

sanna.raza@paysafe.com

+43 676 765 7202

Source: Paysafe

FAQ

What recent partnership did Paysafe announce?

Paysafe announced an expansion of its partnership with ZEN.COM to allow cash deposits via Paysafecash in 25 European countries.

How can customers use Paysafecash on ZEN.COM?

Customers can select Paysafecash in the ZEN.COM app, generate a unique barcode for cash deposits, and complete the transaction at a payment point within 72 hours.

Which countries are included in the Paysafecash expansion?

The Paysafecash expansion covers 25 countries, including Austria, Belgium, France, and the UK, among others.

What is the benefit of using Paysafecash for ZEN.COM customers?

Paysafecash provides a fast and secure way for customers to deposit cash into their ZEN.COM accounts, catering to those preferring cash transactions.