Vienna, 18 December 2015 – paysafecard, the global market leader in prepaid online payment methods based in Vienna and member of Paysafe Group Plc, follows its market entry in Kuwait with its next step in the MENA region (Middle East & North Africa). The digital prepaid payment solution is now available in Saudi Arabia in the local currency. paysafecard is positioned as “cash for the internet” and offers precisely the right solution that is simple and intuitive to use.
Saudi Arabia: Dynamic, populous economy
With a population of around 28 million, it is the biggest nation in the region. The internet usage rate is just over 66%, the penetration of mobile broadband internet reaches more than 54%. The mathematical penetration of mobile phones is over 100%. Because less than half the population (46%) have a credit card or debit card, paysafecard sees huge market potential here for safe, simple and fast online cash payments completed without sharing sensitive personal information or bank or credit card details.
Saudi Arabian society is appreciably young (average age 26.8) and urban (83% living in cities). The gross domestic product is 52,200 USD per capita.
paysafecard — convenient service for every user worldwide
The use of paysafecard will be strongly customised to online games and entertainment content, such as music and social media. The product is available in the amounts 50, 100, 200 and 400 Saudi riyals (1 riyal equivalent to 0.21 EUR). paysafecard is a prepaid solution which works like a prepaid mobile phone card: Customers purchase a 16-digit PIN in exchange for cash and use this to pay at an online shop. Distribution is handled by several partners with an initial amount of around one thousand sales outlets, including retail shops, petrol stations and supermarkets.
Udo Müller, CEO of paysafecard, on this milestone: “After Kuwait, Saudi Arabia is the next logical step to take in the MENA region. Many people who live here want to be able to take advantage of the internet just like users in Austria, Canada and Australia. Our global society has many facets, but in the end, always the same fundamental needs wherever the individual user is: These include security, convenience and reliability. Such attributes are precisely what we offer with paysafecard for paying online, completely independent of the country in which the customer is in. I am pleased that we are now able to include many millions of people in Saudi Arabia in this opportunity.”
Sources of figures: www.cia.gov, www.intentworldstats.com, www.emarketer.com, www.webrazzi.com
paysafecard.com Wertkarten GmbH (holding of all paysafecard companies), www.paysafecard.com, is based in Vienna with subsidiaries in London, Düsseldorf, Lucerne, New York and Buenos Aires, among other places. The company was founded in Austria in 2000 and is part of the Paysafe Group Plc, which is listed on AIM of the London Stock Exchange with the ticker symbol PAYS. The company is now present in 42 countries at over 500,000 sales outlets worldwide 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 16-digit paysafecard PIN is all that's needed to complete a payment transaction. paysafecard can be used at thousands of online shops. The company has become the global market leader in prepaid payment solutions with the brands paysafecard, my paysafecard and paysafecard Mastercard®.
paysafecard has received numerous awards over the years. These include the Paybefore Award in the categories of Best Digital Currency, Best Virtual or Digital Program and Top Digital Dollars, as well as in the newly created category Consumer Value in early 2015. paysafecard has also been awarded the Paybefore Award Europe in the categories of "Most Innovative Prepaid Solution" and "Consumer Champion". In 2014, The New Economy recognised paysafecard as one of the 40 most innovative companies of 2013.
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