29.10.2012

Maximilian von Both heads newly established German branch of paysafecard

29 October 2012, Vienna/Düsseldorf – The Austrian online payment service provider paysafecard.com Wertkarten AG establishes a branch in Germany to become the first foreign provider of an electronic prepaid payment method in the country. Head of the Düsseldorf-based branch, which began business in October, is 32-year-old lawyer Maximilian von Both, who brings extensive experience in the ePayments industry with him to the company. The establishment of offices in Germany sees paysafecard.com Wertkarten AG underline its ambitions for growth in the most important European market for internet payment systems.

As branch head, Both is responsible for issuing e-money in Germany and monitoring transactions. Consequently, paysafecard has been issued in Germany directly by paysafecard.com Germany, branch office of Prepaid Services Company Limited (the official name) since 15 October 2012. This is under supervision of the FFSA as well as subject to the recently reformed German Money Laundering Act. "This step allows us to work more quickly and closely with the relevant German authorities with whom we remain in active dialogue," says von Both. "This direct exchange and the central monitoring of payment processes allow us to continually optimise the security and transparency of paying online."

Maximilian von Both was previous employed as legal counsel in the legal department of the online payment service PayPal for the German-speaking area. By becoming head of the branch he will also act as the anti-money laundering compliance officer. "The establishment of the German branch goes far beyond the measures demanded by legislators from e-money companies in the reformed German Money Laundering Act. This underlines our proactive approach to cooperating with the FFSA and the Federal Ministry of Finance," says Michael Müller, CEO of paysafecard.com Wertkarten AG. "With the addition of Maximilian von Both, we are pleased with the acquisition of an experienced specialist in the legal matters concerning the ePayments industry. The establishment of the branch also prepares us for further growth measures in Germany."

About paysafecard:

paysafecard.com Wertkarten AG (holding of the paysafecard group) is based in Vienna with subsidiaries in London, Düsseldorf, Lucerne, New York, Mexico City and Buenos Aires, among other places. The company was founded in Austria and Germany in 2000. The company is now present in 33 countries at over 450,000 sales outlets in Europe and America with its core product paysafecard. paysafecard is a prepaid online payment solution which anyone can use. No bank account or credit card is necessary. The paysafecard 16-digit PIN is all that's needed to complete a payment transaction. paysafecard can be used at 3500 online shops. The company has become the European market leader in prepaid payment solutions with its four brands: paysafecard, Cash-Ticket, YUNA and Happy Schenkcard. In 2012, it was awarded the Paybefore Awards for Best Digital Currency and for Most Innovative Prepaid Solution.