The new frameworks for market regulation of online payments in Portugal and Romania have now begun. Both examples show that we already have the ideal product in our portfolio to deal with such situations: "my paysafecard".
The changeover came even faster than we expected. The "Pokerstars" online provider went live again in Portugal last year, shortly after a legal change. From then on, all payments had to be able to be assigned to an individual.
paysafecard already has a product in its portfolio, the online "my paysafecard" account, for which that was possible. After just a few days, "my paysafecard" sales had already exceeded all expectations. "my paysafecard" Product Manager Matthias Vilsecker attributes this to the many benefits on offer: "Our most important USP is that we offer cash for the internet. You don't need a bank account or a credit card to shop online. This USP remains available with 'my paysafecard'", he insists.
What is more, "my paysafecard" users can also see and manage all their transactions. They also benefit from the loyalty programme "my Plus", in which you can earn loyalty points for actions such as logging in or completing a transaction. New and exclusive to the "my paysafecard" account is the "paysafecard direct" feature. This allows users to reload their account directly at the POS, without entering a 16-digit PIN. Higher transaction amounts are also then available to them: The highest amount available via PINs is currently 250 euros per payment, but after the changeover to "my paysafecard" this is raised to a maximum of 1,000 euros.
In order to also raise their limits, "my paysafecard" account holders need only make the switch from "Standard" to "Unlimited" status.
To do so, a further identification check is required. This is, however, so easy to do that many new customers elect to upgrade to "Unlimited" at the same time as registering. "We have had many very positive experiences with this process in Romania and Portugal," says Product Manager Vilsecker. To complete the process, new "my paysafecard" customers simply enter their personal information; take a selfie; and then take a photo of their government-issued ID, passport, or driver's licence. Once both photos have been uploaded, it only takes about two minutes to unlock the account. After that, all they need is a username and password to pay online. "The entire, once-off process takes no more than 10 minutes to complete. After that, the user never needs to think about nor repeat the process ever again," Vilsecker says proudly of the technical solution.
For online merchants, the new possibilities opened up by "my paysafecard" require absolutely no technical or organisational adaptations. The entire set-up and processing is undertaken by the paysafecard team.