Paysafecard, an Austria-based provider of prepaid payment solutions, has expanded its presence in the Middle East region by launching its operations in the United Arab Emirates.
The company revealed that initially it will be offering a secure and fast prepaid payment solution that will not require bank or credit card details.
This marks the second market in the MENA region in which Paysafecard is available as ‘cash for the Internet’, and is a strategic bridge to push into the region’s biggest market, Saudi Arabia, which is the next in the company’s sights.
The combination of high GDP per capita (UAE occupies 9th place in the world), young population and tremendous internet penetration make the UAE an extremely attractive and high potential market for prepaid card business.
Commenting on this latest expansion step, Paysafecard CEO Udo Muller said: “The UAE is an ideal market for our business expansion given the GNP, Internet usage, demographics and low credit card usage. Being able to offer paysafecard in the UAE brings great value for the customers because it allows them to use their preferred payment method (cash) to pay online quickly and safely as well as for local brick-and-mortar shops.”
He added: “By offering an established prepaid payment method such as Paysafe’s paysafecard a bridge is created between e-commerce and the brick-and-mortar shops. By selling paysafecard, shops can not only generate new customers, increase customer satisfaction and customer loyalty, but they can also earn money in what is a classic e-commerce process. In addition, customer traffic increases because paysafecard users are regular customers for the most part.”