Basic function A PaysafeCard voucher is a 16-digit code sold in stores and online. Sales outlets print the voucher as a receipt. In the respective countries, PaysafeCard is available in denominations ranging from 10 to 100
euros,
United States dollars,
pounds sterling, and
Australian dollars, and approximately equivalent sums in other currencies, e. g. 100-1000
Norwegian kroner. When paying in an online shop, the user enters the 16-digit code, and the amount tendered is deducted from the PaysafeCard balance. Hence, the same code can be used multiple times until the full balance has been used. For larger sums, it is possible to combine multiple PaysafeCard codes.
Issuing In contrast to in-house vouchers and prepaid products, PaysafeCard is sold and accepted at distinct companies ("Third Party Billing"). For this reason, dealing with them is a banking transaction and requires either a banking partner or a banking licence. In the beginning, PaysafeCard was issued by the
BAWAG P.S.K. in Austria and the
Commerzbank in Germany. Since 2008, PaysafeCard's subsidiary company
Prepaid Services Company Limited holds a licence of the
Financial Conduct Authority (resp. its predecessor
Financial Services Authority) "to issue electronic money (e-money) and provide payment services", valid for all countries in the
European Economic Area. and issuer of the product also in other countries, e.g. in
Australia. In the United States, payment regulations require an external banking partner issuing PaysafeCard, a role assumed by
The Bancorp Bank.
Distribution In the beginning, PaysafeCard was sold as a pre-printed
scratchcard. Starting in 2002, PaysafeCard was sold as a printout called "eVoucher" by the company, a uniquely numbered receipt from an in-store sales terminal. PaysafeCard is distributed countrywide by various external partners, which is why the types of shops offering PaysafeCard vary by country. Typical examples include newsagents, petrol stations, post offices, The worldwide number of
points of sales is more than 600,000.
Limitations PaysafeCard has limitations manifesting especially when used for online
gambling. Payments (deposits in gambling accounts) with PaysafeCard are limited to €1000; for classic PaysafeCard (not
myPaysafe) this amount has been lowered to €250 in 2016 due to compliance with regulations. Some other online payment methods allow higher amounts. Also, a myPaysafe account is required to withdraw money from a gambling merchant. with Paysafe's President of Global Gaming, Zak Cutler, emphasising that consumer protection and safety is a focus of its casino withdrawal offering. Unlike credit cards, PaysafeCard does not give the opportunity to overdraw user funds.
Additional services The company offers services to supplement the classic PaysafeCard. In most countries, an online account called myPaysafe lets users buy codes and carry out repeat payments more comfortably. At the checkout of a webshop, users may choose between entering a code and signing in to their
myPaysafe account. myPaysafe also offers gift card purchases – users can use their balance to buy retail and entertainment gift cards from the likes of Amazon, Nintendo or H&M. In several countries, PaysafeCard also issues a prepaid
PaysafeCard Mastercard. In 2023, the company started offering a service called ‘Account & Card’, which provides a myPaysafe account with a virtual IBAN together with a physical or virtual prepaid card. The service lets users make SEPA transfers with their account balance but is only available in certain countries. == PaysafeCash ==