Global payments provider Paysafe has launched Paysafecash, an alternative online cash payment option designed especially for the online shoppers who prefer to pay in cash.

According to a recent data, many online shoppers prefer to pay in cash despite rising electronic payments due to frequent financial breaches and cyber attacks online.

Driving on this data, the company designed the new service Paysafecash after carrying out industry and proprietary research.

The new solution can be utilised to upload funds into various digital wallets including Paysafe’s Skrill and NETELLER.

This will allow the customers to transact in cash without the need to have a bank account or share financial data online.

Furthermore, it will also enable the customers to pay in exact price of their purchases rather than rounding up the amount.

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In this process, the customer needs to select Paysafecash in the online shop as the payment method to generate the barcode, which is scanned by the store staff in the respective payment point to complete the transaction.

Paysafe CEO Udo Müller said: “When developing Paysafecash, we wanted to create a pioneering cash solution that challenged other digital payment products out there and Paysafecash offers some truly unique features such as being the only cash solution that can be used to load funds into digital wallets.

“This is another industry first for Paysafe and reinforces our track record of challenging the status quo to meet the unmet payment needs of both consumers and retailers.”

Currently, the service is live in 14 countries including Austria, Spain, Portugal, Italy, the UK and Canada. By the end of this year, the service will be active in additional 32 countries including the US.