Paysafe has formed a partnership with Visa to issue Visa prepaid cards to businesses and consumers in Europe.

Paysafe’s expanding card issuing service will offer consumers more choice in how they pay. The market’s appetite for prepaid cards is growing globally.

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Estimates suggest an annual growth rate of 22.7% from 2016 to 2022. This is with an estimated total market value of $3,653bn by 2022. Research commissioned by Paysafe shows that 10% of consumers globally used a prepaid card for payments in the past month.

Both consumers and businesses use prepaid cards widely across the world. They offer an inexpensive but accessible banking substitute to underbanked users. Industry sectors also use prepaid cards. Sectors such as corporate institutions, retailers, government, and financial institutions all embrace the technology.

Prepaid cards can be used for eCommerce and point-of-sale transactions, as well as for cash withdrawals. Furthermore, organisations use prepaid cards for travel expense management, promotional offers, retail cashback and employee rewards and incentives.

CEO – Skrill, NETELLER and Income Access at Paysafe Group, Lorenzo Pellegrino, stated:

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“The ease of use and access to prepaid cards is contributing to the drive for cash alternatives, and the awareness of these solutions is growing rapidly.

“The market is growing at a significant rate as the benefits of prepaid cards are realised among both consumers and businesses. Our card issuing partnership with Visa is a real milestone for us, to support us in offering a popular and reliable service to cardholders.”

More choice creates higher satisfaction

Prepaid cards offer an added choice, but also a level of financial control.

By only allowing cardholders to spend what they load, prepaid cards provide the convenience of a credit card, however, without the risk of debt attached.

The cards reduce fraud exposure by allowing cardholders to protect their bank account details. Furthermore, users save money abroad by locking in favourable exchange rates when loading funds.

Head of Fintech, UK & Ireland, Visa, Hugh Kingdon, said: “In recent years there has been a great deal of growth innovation in the European prepaid market, a trend that we at Visa have been excited to play our part in. We are always keen to use our expertise and experience to work collaboratively with partners such as Paysafe to develop innovative new offerings for businesses and consumers.”