The addition of PaysafecashTM to the IntelliPay cloud-based payments platform will promote financial inclusion across multiple U.S. industries serving the underbanked and unbanked
Houston, Texas. June 7th, 2021 – Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced an expanded partnership with IntelliPay, a Utah-based provider of an intelligent cloud-based payment platform and alternative payment models. IntelliPay, which already leverages Paysafe’s payment processing services, will now add the Paysafecash online cash solution as an alternative payment method to its platform, further promoting financial inclusion by giving consumers without bank accounts the opportunity to pay for bills online.
The integration of Paysafecash will see IntelliPay, a Paysafe payment processing partner since 2015, build on its commitment to provide multiple payment methods to multiple industries, creating intelligent solutions that serve all customers who wish to pay a bill online. The need for such solutions has been amplified during the COVID-19 pandemic, when in-person cash payment options have been more limited. IntelliPay helps facilitate transactions across several affected industries, including property management, government services, utilities, non-profit, healthcare, and education.
The importance of financial inclusion is reflected in recent data from the Federal Reserve, which show that 22% of U.S. adults are either underbanked or unbanked. Further emphasizing the payments challenges faced by lower income demographics, the report also revealed that 43% of Americans making less than $40,000 a year were denied credit requests in 2019. With Paysafecash, those with lower incomes and limited access to credit will benefit from greater payments flexibility.
The addition of Paysafecash to the IntelliPay end-to-end payments platform will help customers address their payment needs in a way that is safe, convenient and has no potential for chargebacks. After generating an online barcode, which can either be stored digitally or printed, and finding a nearby Paysafecash payment location such as a convenience store, pharmacy, or dollar store, consumers then need only visit that location to complete the payment with cash. With 60,000 payment points throughout the U.S., Paysafecash empowers Americans by allowing them to pay on their terms.
Udo Müller, CEO of Paysafe’s eCash division, said: “We’re very pleased that through our collaboration with IntelliPay, more U.S. consumers will have the opportunity to pay for their bills online, even if they don’t have a bank account. Like IntelliPay, we passionately believe that we need to improve financial inclusion in our society, something which has become increasingly important as a result of the pandemic.”
Casey Leloux, CEO at IntelliPay, said: “The teamwork and support from Paysafecash has been outstanding. Integrating Paysafecash into our IntelliPay Platform will provide a greater service to our merchants’ customers who want to pay online, but still use cash. Expanding payment options and empowering our merchants to accept all payment methods will provide a better payment experience for their customers and help our merchants automate their receivables.”
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About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
About PaysafecashTM
Paysafecash, from leading integrated payments platform Paysafe, is an eCash payment method for customers who want to pay online easily and safely using cash. Available in nearly 30 countries, Paysafecash makes online transactions possible for customers, who do not have a debit or credit card, or who do not want to use them online. Payments are made by generating a barcode during the online checkout, which can then be scanned and paid for in person at one of more than 190,000 payment points. Paysafecash was launched in 2018 by the same Paysafe team who created the award-winning, prepaid cash solution paysafecard in 2000. A market leader in eCash payment solutions, paysafecard allows customers to buy prepaid vouchers that they can then redeem online.
About IntelliPayTM
Founded in 2011, IntelliPay is a technology provider in end-to-end payment solutions. Through its customizable payment platform and alternative fee-based options, IntelliPay is expanding the payments processing industry by offering a full range of unique, technology-driven payments solutions for on-line and card-present transactions. With over 20 years of payment technology experience, an annualized transactional volume of $2 Billion in 2020, and 25 employees, IntelliPay is large enough to support any enterprise opportunity and small enough to provide the individualized support that merchants desire. To learn more about IntelliPay, please visit: http://www.intellipay.com.
For further information about Paysafe, please contact:
Nick Say: Manager, Corporate Communications, North America, Paysafe Group
T: +1-514 452-8747 / E: Nick.Say@Paysafe.com
For further information about IntelliPay, please contact:
Dale Erling: Director of Marketing, IntelliPay
T: 801.999.4323 x138 / E: Dale.Erling@IntelliPay.com
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