Skrill USA Launches Skrill Virtual Visa® Prepaid Card in US

Rhea-AI Summary

Paysafe (NYSE: PSFE) has launched the Skrill Virtual Visa® Prepaid Card, a digital payments solution for U.S. customers. The card can be activated instantly, allowing users to shop online where Visa® is accepted, without transaction fees. Customers earn points through the Skrill Knect loyalty program for every dollar spent. This innovation follows Skrill USA's recent ventures, including a cryptocurrency offering. CEO Paul Jardon emphasizes the importance of evolving products for consumer convenience.

Positive

• Launch of Skrill Virtual Visa® Prepaid Card improves shopping convenience for U.S. consumers.
• Card activation is instant, enhancing user experience.
• No transaction fees for online purchases increases attractiveness for consumers.
• Customers earn loyalty points through Skrill Knect, adding incentive for usage.
• Continued product evolution showcased by recent cryptocurrency offering.

Negative

• None.

Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced that the Skrill USA digital wallet has unveiled a virtual version of its existing Skrill Visa® Prepaid Card. Skrill USA’s latest product innovation offers Americans a fully digital payments solution which can be activated instantly to spend their Skrill balance online wherever Visa® is accepted.

With the majority of U.S. and international eCommerce sites supporting Visa® card payments, the Skrill Virtual Visa® Prepaid Card, which is issued by the New York-headquartered Community Federal Savings Bank (CFSB)¹, allows Skrill USA customers to shop online almost anywhere. Providing an alternative to the physical CFSB-issued Skrill Visa® Prepaid Card, launched in January 2020, the new virtual card involves a streamlined application process (users’ first application is also free), and can be activated in their account² within seconds.

Once activated, users can shop online immediately. All card details are instantly displayed within their Skrill account, with no need to wait for the solution to be physically delivered. Similarly, unlike a physical card, which can be mislaid or lost requiring replacement delays, the Skrill Virtual Visa® Prepaid Card remains constantly accessible until customers choose to lock or deactivate it, which can be done within seconds.

While a customer incurs no transaction fees when shopping online using the Skrill Virtual Visa® Prepaid Card, they do earn points for each payment under the Skrill Knect loyalty program. Each dollar spent online using the virtual card earns a Skrill user one Knect point. Points are redeemable for cash above the 5,000 Knect-point threshold as well as other rewards.

The launch of the virtual Skrill Virtual Visa® Prepaid Card is just Skrill USA’s latest move to strengthen its solution for American consumers. In March, Skrill USA unveiled its cryptocurrency offering, allowing U.S. customers across 37 states and territories to buy and sell cryptocurrencies, after launching Skrill Money Transfer, a digital remittance solution, in 2020.

Paul Jardon, CEO and CFO of Skrill USA, said: “We’re strongly focused on evolving our product for U.S. consumers. The Skrill Virtual Visa® Prepaid Card gives our customers all the benefits and access to eCommerce of a physical Visa® card with all the speed and convenience of a solution that is 100% digital.”

About Skrill USA, Inc.

Skrill USA has been making digital payments simple, secure and quick since 2001. We’re an acknowledged world-leader in developing global payment solutions for people’s business and pleasure, whether they’re depositing funds on a gaming site, buying online or sending money to family and friends. We also meet the needs of businesses worldwide, helping them build a global customer base and drive growth.

The assets, liabilities, and results of operations of Skrill USA are consolidated in Paysafe Limited’s consolidated financial statements; however, Paysafe Limited has no direct equity ownership in Skill USA.

For more information on the Skrill Virtual Visa® Prepaid Card: https://www.skrill.com/en-us/skrill-visa-card/skrill-virtual-visa-prepaid-card/

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 $92 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.

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¹ Issuer statement: The Skrill Visa® Prepaid Card is issued by Community Federal Savings Bank, member FDIC, pursuant to a license from Visa U.S.A. Inc.

² The virtual Skrill Visa® Prepaid Card launch is a phased roll-out, with the online/web version of the product available immediately. The mobile app version will be launched later in 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210520005157/en/

FAQ

What is the Skrill Virtual Visa® Prepaid Card launched by Paysafe?

The Skrill Virtual Visa® Prepaid Card is a digital payment solution that allows users to shop online instantly with their Skrill balance, accepted wherever Visa® is recognized.

When was the Skrill Virtual Visa® Prepaid Card announced?

The Skrill Virtual Visa® Prepaid Card was announced by Paysafe on May 20, 2021.

How does the Skrill Knect loyalty program work?

Users earn one Knect point for every dollar spent using the Skrill Virtual Visa® Prepaid Card, redeemable for cash and other rewards after reaching a threshold.

What other services has Skrill USA recently introduced?

Skrill USA has also launched a cryptocurrency offering, allowing customers in 37 states and territories to buy and sell cryptocurrencies.

What are the benefits of the Skrill Virtual Visa® Prepaid Card compared to a physical card?

The virtual card can be activated instantly, is always accessible, and eliminates the risk of loss or replacement delays associated with physical cards.