What is Paysafecard?
paysafecard is a prepaid online payment method that allows consumers to make purchases on the internet without using a bank account or credit card. It provides an extra layer of security and privacy for online transactions.
To use paysafecard, consumers first purchase a paysafecard pin code at one of over 650,000 sales outlets across 50 countries where paysafecard is available. The pin codes come on printed vouchers in amounts ranging from $10 to $100. During the online checkout process on a website that accepts paysafecard, shoppers simply enter this pin code to pay for their purchase.
The major advantage of paysafecard is enhanced online security. Since no bank account or credit card details need to be entered on merchant websites, users avoid exposing their financial information during online transactions. This provides protection against credit card fraud and hacking. In addition, paysafecard does not require users to register an account, so it allows consumers to shop online anonymously without giving up personal data.
paysafecard is also convenient for those who want to shop online but do not have a credit card or do not feel comfortable linking a bank account to an online store. Teenagers and college students often use paysafecard for this reason. In addition, it can be a useful payment limitation tool to control overspending.
While paysafecard does not charge any fees directly to the consumer, retailers often add a surcharge to the transaction amount as a processing cost for accepting paysafecard payments. The pin codes must also be purchased at physical stores in set denominations, which requires budgeting by the user.