Skrill Group acquires Ukash to expand paysafecard

Skrill Group is expanding its prepaid solution paysafecard by acquiring electronic money system Ukash.

The combination of paysafecard and Ukash will enable Skrill Group to expand digital payments across both established and emerging markets, the company says.

Since its launch in 2000, paysafecard has provided a way for consumers to get cash online and is widely accepted across a number of online industries including online games, social media channels and entertainment sites.  It is available via a network of more than 450,000 distribution outlets across 39 countries. Online prepayment allows consumers to pay quickly, simply and safely, as if using cash, for digital goods and services.

Skrill acquired paysafecard in 2013, and the solution has become on of the fastest growing part of the group’s business.

“The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market,” said David Sear, who will become CEO of Skrill Group in January. “We are proud to support both consumers and online businesses with the world’s largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world”.

“The acquisition of Ukash will bring together two prepaid technologies with strong synergies, enabling even more customers to pay online as safely and easily as with cash,” said Udo Müller, CEO of paysafecard. “Ukash increases paysafecard’s global presence and will open up new opportunities for online businesses.”

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