Paysafecard, the global market leader in prepaid online payment methods, has recently started its expansion into the Middle East by launching its flagship product, the paysafecard, in Kuwait.
This would mark the 41st market worldwide in which paysafecard is available as “cash for the Internet” and would be a strategic bridge to the MENA region in a medium run perspective (The United Arab Emirates and Saudi Arabia are the next in the company’s gunsight).
The combination of high GDP per capita (Kuwait occupies the 10th place in the world), young population and tremendous Internet penetration make the State of Kuwait an extremely attractive and high potential market for prepaid card business.
Paysafe has created a strong partnerships with local distributors which will place Paysafe cards in more than 1000 outlets over the region, obtaining a massive coverage across the region.
The 16-digit card will be sold in the amounts of 5, 10, 20 and 60 Kuwaiti dinar (one Kuwaiti dinar is equivalent to around $3.3) and will primarily attract the “young gamers” for their increasing online purchases. The gaming market is, in fact, growing at a rate of 46% a year with an annual volume of more than 200 million USD across the entire MENA region.
CEO Udo Müller feels really confident about this new strategy and is looking forward to proceed with its international expansion which his, according to him, a “central factor in the success of paysafecard.”
A brief overview of the Paysafe card:
Paysafecard.com Wertkarten GmbH (a holding of all paysafecard companies), is based in Vienna with subsidiaries in London, Düsseldorf, Lucerne, New York, Mexico City and Buenos Aires, among other places. The company is now present in 41 countries at over 500,000 sales outlets worldwide with its core product paysafecard.
Paysafecard is a prepaid online payment method which allows customers to pay online quickly and just as simply, safely and fast as if using cash. Anyone can use paysafecard. Paying with paysafecard doesn't require entering any personal details, bank account information or credit card details. This ensures that the financial privacy sphere of customers remains completely protected at all times.
The prepaid solution works like a prepaid mobile phone card. Customers purchase paysafecard at a sales outlet and pay using the printed 16-digit PIN. The amount paid is then deducted from the balance of that paysafecard, which can be checked online at any time. This means that customers always have complete spending control and know how much money remains available on their paysafecard.