Today, PPRO, the leading local payments platform-as-a-service, announces that it has released a direct integration with Paysafecash, in a move that signifies the brand’s dominant position in Europe. The latest addition to the PPRO platform, Paysafecash, will be available for 24 markets including the Czech Republic, Greece, Hungary, Romania, and other markets where cash remains a preferred payment method. Payment service providers (PSPs) and their merchants who partner with PPRO can get easy access to consumers in over 175 e-commerce markets through just one API and one contract.
By offering PSPs and merchants an integration to Paysafecash, PPRO makes online shopping possible for consumers who do not have credit cards nor bank accounts, and for those who do not want to disclose sensitive financial data at checkout. Shoppers using Paysafecash enjoy a simple, secure experience: they head to a merchant’s online checkout, where they can get a barcode and find a payment point to settle their transactions in cash. Paysafecash payment points include convenience stores, kiosks, petrol stations, and post offices.
About 16% of people (over 120 million) across Western, Central, and Eastern Europe do not have a bank account – and that figure goes as high as 33% in Eastern Europe and the CIS. Despite the global crisis caused by COVID-19, cash usage is still an essential part of commerce for many regions, especially within Europe. Although highly banked at 94%, Spain has the second-highest population of employees who are paid in cash; Greece stands in first position and Cyprus in third .
In Eastern Europe, cash is still a dominant payment method, where there is a strong correlation between lower incomes and lower ownership of bank accounts. If a merchant would like to increase sales with consumers in such markets, the local payment preferences for cash need to be taken into consideration.