Paysafe card is an online prepaid method that has become hugely popular. You’ve surely come across Paysafe card kiosks nearby, seeing as there are over 500 000 outlets worldwide. If you can’t recall it, maybe you recognise its former name – Ukash.
Basically, the concept is that you load a Paysafe card with money, which you can then use to shop online. The card has a 16 digit pin which you simply enter when you make online purchases. Everything is prepaid. You never connect it to your bank account or credit cards, and you never attach your personal details to it.
But why would you use a Paysafe card rather than your credit or debit card, or an eWallet such as PayPal?
Why Paysafe? The selling point
PaySafe Group plc market the Paysafe card on one major selling point. Your details are completely safe. Whereas with a debit or credit card, you need to enter your name and sensitive card information, with Paysafe card all you are entering is a pin giving access to a limited amount of money. Even with PayPal and other eWallets, despite the fact that you don’t have to give your details to other vendors, PayPal ultimately knows a lot about you.
So Paysafe card is really the most anonymous way to go. Since you can’t use cash online, Paysafe card is the next best thing.
The cost: fee structure
Essentially, Paysafe card is free. If you load it with £100, you have access to that full amount with no extra charges. Only if you keep it loaded for over 12 months do you start paying a “provision fee”. But Paysafe card is not meant to be used in the long term. Also, if you ask for a refund, they will take a flat fee of £6 from the refunded amount. So, once you’ve loaded your Paysafe card it’s best that you find a use for it.
Fees become an issue when you’re converting currency. For example, if you have a card loaded with GBP and you’re shopping in a web store that takes USD, you’ll have to pay a fee, and these can be quite hefty. While converting from euros will cost you 2% of the payment, converting from dollars or pounds costs 4.04%.
That’s a significant markup which makes it non-usable for any medium-sized and up purchases in foreign currency.
Its real usage
Paysafe card is not simply an alternative to standard eWallets. After all, eWallets have far more functionality and are accessed in a completely different way. A Paysafe card is generally used for one of two purposes: gambling and trading bitcoins.
Many gamblers and bettors want to remain anonymous. They don’t want to provide their personal details to online casinos or bookies. A Paysafe card allows them to avoid that. Instead of registering an account in your name with your credit card details, you can simply give them the pin to your card. They never have to know who you are, and have no possible access to any money that’s not loaded on your card.
Over the past years, Paysafe card has become increasingly popular in the online gambling and bitcoin industries. A lot of casinos now accept Paysafe card, from lesser known sites to highly popular ones.
Many bitcoin sellers also accept Paysafe card, and the number is constantly growing. So, if you are looking to buy bitcoins and wish to remain anonymous, a Paysafe card is a good option.
Should you use a Paysafe card?
If you regularly shop online for everyday needs, Paysafe card is not really for you. Either using your credit or debit cards, or an eWallet, makes a lot more sense. However, if you wish to remain anonymous, Paysafe card is an excellent option. This is especially useful for those who want to gamble using online casinos, and people who want to trade bitcoin.
However, if you’re going to need to convert your cash into another currency, you should do due diligence first. Currency conversions are expensive through Paysafe card, to the extent where you might well decide it’s just not worth it.