Paysafe partners with Guavapay, starting in Canada

The financial services vertical is an important business focus for Paysafe, and we’re always excited to collaborate with innovative fintechs to enhance their products with our own solutions. We’re therefore delighted to partner with UK-headquartered payments enabler Guavapay, starting in Canada but with the ambition to extend the commercial relationship into other global markets.

Under the deal, Canadian users of MyGuava, Guavapay’s app for the management of personal payments and global money transfers, can now use our PaysafeCash solution to top-up their wallet balance. Today, cards dominate Canadian payments, but the popularity of cash remains robust. Recent research from Payments Canada suggests that around half of Canadians (49%) still frequently use cash – and PaysafeCash has particular appeal for these consumers.

From Vancouver to Newfoundland via Toronto and Montreal, MyGuava users who still prefer cash in their everyday lives can use PaysafeCash to fund their MyGuava account and then use the app to make online payments, send money overseas or even save. By simply selecting “PaysafeCash” within the MyGuava app, they can trigger the creation of a barcode.

MyGuava users store the PaysafeCash barcode on their smartphone, then complete the transaction at thousands of payment points across Canada, including Canada Post offices and convenience stores. At the payment points, the PaysafeCash barcode is scanned by the retailer and the user pays the balance in cash to complete the transaction and top-up their Guavapay account.

While the partnership between Paysafe and Guavapay kicks off in Canada, the two companies hope to extend it across the Atlantic to the UK and continental Europe.

“Innovating in collaboration with like-minded fintechs and payment firms are key focuses for us at Paysafe, so we’re excited to partner with Guavapay,” said Lewis Horder, Director of Sales and Financial Services at Paysafe. “Starting in Canada with our PaysafeCash product tailored to cash-focused consumers, we look forward to strengthening the MyGuava app by offering Guavapay’s customers more choices when they want to fund their wallet balance to then start transacting.”

Speaking about the partnership, Ruslan Rustamov, Canadian CEO of Guavapay, said, “Guavapay is delighted to have formed a new partnership with Paysafe that will enhance cash deposit services to individuals across Canada. The fact we have joined forces with such a prestigious and long-standing organisation is testament to not only how far Guavapay has come as a fintech, but also our joint commitment to fostering financial inclusivity and bolstering payment diversity through innovation. We look forward to further collaboration with Paysafe in the future.”