Paysafecard, a Vienna-based prepaid online payment company, has begun its expansion into the MENA region (Middle East and North Africa), making Kuwait the 41st market to use its prepaid solutions.
The power of prepaid
Prepaid cards have become extremely popular in recent months, with paysafecard calling the solution ‘cash for the internet.’
In September, Payment Eye discovered that the world’s population of young people are choosing prepaid cards over bank accounts, with a survey from the Prepaid International Forum (PIF) revealing that parents believe prepaid is the best way to give their children financial responsibility.
Paysafecard has caught on to this trend and has moved quickly to enter the Kuwait market, claiming that it’s ‘‘one of the fastest growing markets for prepaid payments in the Middle East region’’ due to its young and internet-savvy population.
The prepaid experts have found that 85 per cent of the population in Kuwait are less than 40 and highly open to technological innovations, with 85 per cent of under-40’s regularly using the internet.
Kuwait is ‘a poster child of the digital age’
With young people seemingly obsessed with digital entertainment, including social media and video-on-demand platforms, paysafecard looks to tap into this market by releasing a pre-paid card which can hold multiple amounts, including 5, 10, 20 and 60 Kuwaiti Dinar (1 Kuwaiti Dinar is equivalent to around 3 euros). Over 100,000 retailers in Kuwait are accepting the payment method.
Udo Müller, CEO of paysafecard, commented on his company’s plans for the Middle East, with the United Arab Emirates and Saudi Arabia being touted as his firm’s next destinations.
‘‘Kuwait is, without a doubt, a poster child of the digital age. The push into Kuwait underscores how our belief in the huge potential of new markets is greater than ever,’’ said Müller.
‘‘The move requires deep analysis and thorough preparation alongside full compliance with local legal requirements. Having completed this work, I am convinced of the success of paysafecard in Kuwait. It also expands our international position, which is a central factor in the success of paysafecard.’’
Daniel Smith, Director of Relationship Management, Basset and Gold interview: “Consumer demand for new and innovative forms of finance is soaring”
Basset and Gold has announced the launch of its new Innovative Finance ISA (IFISA).
Anthony Walton, CEO of Iliad Solutions explores the latest developments and challenges with APIs.
Visa has announced it will be launching a new wearable payment device.
TransferWise has announced a partnership with Starling bank to provide easier international money transfers.