Skrill Group has signed an agreement to acquire Ukash, a UK-based electronic money system that allows users to exchange their cash for a secure code to make payments online.
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Skrill Group said that the acquisition will add scale and reach to its pre-paid unit paysafecard, a prepaid payment solution.
Launched in 2000, paysafecard is 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.
The acquisition will enable Ukash to leverage paysafecard’s network to deliver payment innovation and give customers choice and confidence when engaging in the digital world.
Udo Muller, CEO of paysafecard, said: "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. Ukash increases paysafecard’s global presence and will open up new opportunities for online businesses."
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By GlobalDataThe closing of the transaction is subject to regulatory approvals.
