The future of eCash: Bridging the digital divide
Given the rise of online payments, many assume cash-based transactions will become a thing of the past. Paysafe’s SVP Product – Branded Payments, Fernando Costa-Cabral, challenges this assumption and explains why accepting cash is just as important in a digital economy.
The pace of change in online payments has been nothing short of revolutionary. Now, opening a bank account, obtaining a card, or transferring money can be done in a few clicks.
Yet, cash has been somewhat excluded from this digital transformation. Depositing cash into a bank account, sending cash to someone in another country, or paying in installments through cash still requires significant effort. Moreover, many merchants overlook the potential of cash to attract new customers when implementing cashback benefits, buy-now-pay-later (BNPL), or subscription-based services.
Despite this, cash remains a cornerstone of society. According to Paysafe’s Inside the Wallet research, which surveyed 14,500 consumers worldwide, 63% of people would worry if they lost access to cash. Additionally, 44% want the option to shop online and pay in cash at a local store, showing that the preference for cash payments extends well beyond traditional in-store purchases.
There are several reasons why people continue to rely on cash. Cash provides financial security, control over spending, and a way to avoid the hidden costs associated with credit. With one in four consumers reporting that their monthly expenses exceed their income, the potential for cash to alleviate financial stress should be a focus for innovation and protected by regulators.
At Paysafe, we envision bringing innovation, inclusion, and flexibility to cash customers. Large segments of society still rely on cash, and we are witnessing a resurgence in its use.
How Paysafe’s eCash solution bridges the digital divide
Paysafe’s eCash solution has empowered consumers to pay in cash online for over 20 years, giving merchants access to cash-dependent customers. In 2025, Paysafe will develop eCash services in three key areas: security, value-added features, and user experience.
On the security front, we proactively adapt our infrastructure to meet the most advanced standards. This includes leveraging artificial intelligence to safeguard our customers, delivering minimal latency, enhanced safety, and complete control directly to them.
Regarding value-added features, we listen closely to our users’ feedback to improve our product. This year, we focused on increasing the convenience of purchasing a PaysafeCard online, expanding the range of amounts in which a PaysafeCard is available, and enhancing accessibility to new payment options by offering a PaysafeCard IBAN and debit card.
As for next year, we are thrilled to be strengthening our partnerships with merchants and distributors, while creating payment options that are even simpler, faster, and more seamless. When it comes to the user experience, we are upgrading it to be more intuitive and enriching.
With a wider variety of products and features across our account and PIN-based solutions, it is important to look at the experience as a whole. Through journey mapping, we constantly update our internal processes and design to deliver positive experiences and outcomes, positioning us as the partner of choice for sparking memorable moments.
Why businesses partner with Paysafe
Our relationship with our merchants is core to our success. We provide merchants with access to a segment of customers that they might otherwise miss, such as people who are paid in cash or those cautious about using cards online. Our product innovations benefit merchants as much as consumers; when product improvements increase loyalty to our product and brand, our merchants’ potential customer base increases.
We work diligently with merchants to enhance our services, focusing on both back-end integration and front-end user experience. Recently, we added the ability for merchants to initiate payments, which is a significant update and an important capability in solving customers’ need to activate subscriptions. With the right subscription setup, our customers can better control their spending, which is key to our offering.
As we look towards 2025, Paysafe is committed to bridging the gap between cash and digital payments through innovation, security, and enhanced user experiences. Our dedication to improving our services and forging strong partnerships with merchants, distributors, and customers will ensure that we remain at the forefront of the experience economy and its evolving payments landscape.
