72 Finance Monthly. Banking & Financial Services as well as the post-paid barcode solution Paysafecash. Paysafecard comes as a voucher with a 16-digit code that can be purchased in various denominations at petrol stations, supermarkets and convenience stores. The balance can then be redeemed by entering the code at the online checkout. This solution is particularly popular in the world of online entertainment and includes a spending control aspect that appeals to consumers as they can only spend the amount they have previously purchased with cash. Paysafecash payments are made by generating a barcode during the online checkout, which can then be scanned and paid for in person at a nearby payment Much of society is becoming increasingly cashless, with the volume of cashless payments globally expected to rise by 80% between now and 2025. But it’s vital to remember that underbanked and unbanked communities don’t have the luxury of bidding farewell to physical currency. Many people around the world simply don’t have access to a bank account or a debit or credit card. By digitalising cash, we can offer marginalised, cash-reliant communities access to online payments and enable them to participate in the world of eCommerce and digital financial transactions. It also allows security seekers to pay in cash and avoid having to provide personal financial data online. In fact, according to our latest Lost in Transaction research study, which examines changing payment habits and preferences, 52% of consumers globally reported that they don’t feel comfortable sharing their financial details online. And 68% said they prefer using payment methods that don’t require them to share their financial details when paying. Digitalising cash for online transactions eCash, which enables cash to be used for online transactions, provides access to the digital world to cash payers and security seekers. Popular examples include the prepaid solution paysafecard point. This solution has become increasingly popular for online transactions such as rent and bill payments, loan repayments, cash deposits into wallet-based financial services as well as a cashin/cash-out solution for banking. Paying for essential services in cash When it comes to rent, utilities, loans and countless other essential services, cash is still the most available and most immediate payment method for unbanked and underbanked communities. While many are revelling in how online payment platforms have simplified the process, this same proposition presents a huge
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