Press releases

Paysafecash launches in Bulgaria to enable online cash purchases

Latest News

Jul 06, 2020

Sofia, Bulgaria, July 6, 2020 – Leading specialised payments platform, Paysafe, launches Paysafecash in Bulgaria today as a new secure and easy way to pay with cash for online purchases in virtually any area of the retail space.  Paysafecash, now available in 28 countries, is designed for consumers who do not have a bank account or credit card, or who do not wish to disclose sensitive financial data on the internet.  

The way Paysafecash works is the following:

  1. The customer selects ‘Paysafecash’ as the payment method at checkout, which generates a barcode.
  2. The code can be stored on your mobile device or printed.
  3. Using the search function, the customer finds the nearest Paysafecash payment point. The barcode is scanned by sales staff and payment is made in cash.
  4. The online shop processes the order directly after payment is made and then the goods are dispatched. No customer account or credit card data is required and the payment is completely secure.

 

With a population of about 7 million, Bulgaria’s internet usage is at about 60%1. The eCommerce market is expected to grow strongly with an annual growth rate of 15.9% between 2020 – 2024 and the current user penetration of 40% is predicted to increase to 55.3% by 20242. Furthermore, recent research shows that 56% of Bulgarians would buy products online with cash if it was easy to do so, and 50% would shop online more often if they were able to pay with cash3.

Paysafe’s prepaid cash solution – paysafecard – has been available to Bulgarians since 2013 and the company will leverage the existing paysafecard distribution partnership with EasyPay, who operate a well-established, licensed network of over 300 payment points.

Udo Müller, CEO of paysafecard – the team behind Paysafecash, said: “Leveraging our long-standing partnerships with EasyPay in Bulgaria enables us to offer Paysafecash to consumers throughout the country. With strong growth expected in the Bulgarian eCommerce market we are excited to be part of the journey and enable consumers to participate in the world of eCommerce while at the same time meeting the needs of those that do not wish to disclose sensitive financial details on the internet. As our recent Lost in Transaction research shows, more than half of the Bulgarian population would like to shop online more regularly but are afraid of being scammed.”

Learn more: https://www.paysafecash.com/bg-bg/

(1) https://ecommercenews.eu/ecommerce-in-europe/ecommerce-in-bulgaria/

(2) https://www.statista.com/outlook/243/130/ecommerce/bulgaria#market-age

(3) Lost in Transaction: the impact of COVID-19 on consumer payment, 2020

About Paysafecash

Paysafecash, from leading specialised payments platform Paysafe Group, is an alternative payment method for customers who want to pay online easily and safely using cash. Available in more than 25 countries, Paysafecash makes online shopping possible for customers without a debit or credit card, or who do not want to use them for online payments. Payment is made by generating a barcode during the online checkout, which is scanned in person at a payment point. The purchase is completed and shipped when the amount due has been paid. Paysafecash was launched in 2018 by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard, a global leader in the online prepaid payments industry founded in 2000.

About Paysafe Group

Paysafe Group (Paysafe) is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, card issuing and online cash solutions.  With over 20 years of online payment experience, an annualized transactional volume of over US $85 billion, and approximately 3,000 employees located in 12+ global locations, Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world.

Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.

Visit us at www.paysafe.com.

For media inquiries

Sanna Raza, Corporate Communications Manager, DACH | sanna.raza@paysafe.com / +43 676 765 7202