18.09.2015

Uruguay: paysafecard now providing USD face values

The Uruguayan economy (currently with a population of 3.2 million) has been experiencing dynamic growth in recent years. Although the local currency, the Uruguayan peso, is by no means unstable, some web shops nevertheless prefer to charge for their products and services in Uruguay in US dollars. paysafecard vouchers could previously only be purchased in the local currency.

This used to delay the payment process because the conversion had to first be processed during the course of the payment when an amount displayed in US dollars was paid for in pesos. paysafecard in US dollars removes this extra step. Customers buy a USD voucher already at the time of purchase and can use it for their online purchases, without any deduction of course. The USD balances may be redeemed online with all merchants that provide paysafecard as a payment method in Uruguay. paysafecard is available in this currency in amounts of 20, 50 and 100 US dollars.

There’s just one limitation – this product is provided exclusively at the around 380 sales outlets of distribution partner Redpagos, because Redpagos is the only distribution partner with a government license for currency exchange, which is required for this service. However, paysafecard PINs in local currency are naturally still available from all distribution partners.

Local customers have immediately embraced this new offer, with over 90% of all vouchers purchased and used online across the country in USD since the start of the offer.

Uruguay is one of the smallest economies of Latin America, but it is a booming and forward-looking society. With an internet penetration rate of 71%, it has the highest in the region Studies have found that Uruguay enjoys the fastest internet connection speeds of the entire continent of America, even exceeding those in the USA. In addition, 76% of adults do not have a bank account, which makes the need for a prepaid solution abundantly clear, especially for use online.