Specialised payments platform, Paysafe (NYSE:PSFE) today announces an extension of its relationship with fintech and financial intermediary company SweePay. The new collaboration will allow Swiss residents to settle bills using Paysafecash.
The extended agreement follows SweePay’s launch of Paysafe’s popular prepaid solution – paysafecard – as a payment option in 2015.
Switzerland introduced QR-code-based bill payments in the summer of 2020 with a plan to make this payment method mandatory in the future, aiming to streamline the processing of bills for companies, governmental entities and non-profits and make it easier and more convenient for consumers. With cash remaining the most widely used payment instrument in Switzerland at 45 % in terms of transaction count, including Paysafecash as an option for bill payments provides consumers with a wider range of payment solutions and caters to those who prefer to pay using cash.
Using Paysafecash to settle a bill is easy and secure for the consumer:
- The customer downloads the Paysafecash app and scans the QR code on the bill to get the Paysafecash barcode.
- Using the maps function, the customer finds the nearest of approximately 2,000 Paysafecash payment points where the barcode is scanned and payment is made.
- SweePay processes the payment and settles the bill directly with the issuer.
Udo Müller, CEO of paysafecard, the team behind Paysafecash, said:
“Our collaboration with SweePay offers a crucial service to people in Switzerland. Our strategy of enabling cash payments caters to customers who are cash reliant or simply prefer to use cash.”
Rodolphe Texier, CEO SweePay, added:
“The Swiss love having the freedom to choose their preferred payment method and we are proud to partner with Paysafe to offer them an additional payment solution for bills; especially since Paysafecash enables them to pay in cash, which is still the most popular way to pay here in Switzerland. We are looking forward to our continued collaboration with Paysafe.”