LONDON (11 February 2016) — Paysafe Group, the leading global payments provider, has been selected by Payfriendz to enable the launch of its innovative P2P social payments app and virtual MasterCard® solution.
Paysafe provides Payfriendz with a suite of payment processing and card services. A Principal Member of MasterCard and authorised by the UK Financial Conduct Authority to issue e-money in the European Economic Area, Paysafe also has its own acquiring licences from MasterCard Europe and Visa Europe. Paysafe enables users of the Payfriendz social payments app to load and hold funds in their Payfriendz account, and spend online using a virtual MasterCard.
Payfriendz is a social chat and mobile payments app which allows users to easily send, request and receive money from friends and contacts. Once funds have been collected, users can transfer the money to their UK bank account. They can also shop online using a virtual MasterCard® card linked to their Payfriendz account. There is a feature that allows groups to collect funds together for group purchases. There are no charges to users for receiving or sending money, messaging, topping up with a UK debit card, transferring to a UK bank account or using the virtual prepaid card online.
Volker Breuer, CEO Payfriendz, commented: "Our vision is to make social payments fun. To deliver an outstanding app and payments experience for our users we need a world-class payments specialist to seamlessly integrate into our platform. We chose Paysafe - with all its experience and reach - to join us on our journey and make people #forgetcash!”
Andrea Dunlop, CEO of Paysafe Card Solutions and Acquiring, added: “Our new partner Payfriendz is one of the most exciting new startups we have seen in the money transfer space. We are delighted that they chose Paysafe to provide acquiring, payment processing and card solutions using our full end-to-end service.”
Paysafe Group plc (formerly Optimal Payments plc) is a global provider of online payment solutions, trusted by businesses and consumers in over 200 countries and territories to move and manage billions of dollars each year. Merchants use Paysafe's services and gateway platforms and innovative prepaid products and solutions to simplify how they accept credit and debit card, direct‑from‑bank, and alternative and local payments; while Paysafe's NETELLER®, Skrill® and paysafecard® services are used by merchants to increase revenues and capture new customers. Consumers use the multilingual and multicurrency NETELLER, Net+® Card, Skrill and Skrill Card stored-value offerings and the paysafecard prepaid solutions to make secure and convenient payments and payolution® for their invoices and instalment payments. Paysafe also supports a wide variety of prepaid programmes - from white-label prepaid cards to bespoke solutions. For more information on Paysafe, please visit: www.paysafe.com
For further information, please contact:
SVP, Corporate Communications
Tel: +44 (0) 203 8269767
Payfriendz is a social payments app that serves Millennials by leading the way money changes hands in social situations. Headquartered in London, Payfriendz began marketing in the UK in 2015 and has seen £2.3 million in transactions so far. It simply delivers a digital experience that customers want to use by integrating frictionless, instant payments on top of a communication / chat platform. This gives users the ability to send and request money from friends and family for free and on the go, taking a lot of the pain away that usually comes with following up on your IOUs. Payfriendz found that 50% of successful requests sent through the app are confirmed within 5 minutes. Requests are also more likely to be accepted if personalised with a message. Payfriendz is integrated with millions of online merchants and can be used in the first cafes too. The app is available on iPhone and Android. For more information visit, www.payfriendz.com