Mobile Payments Today
Paysafe Group, a London-based specialized payments platform, has acquired Openbucks, a Houston-based payments gateway that allows online merchants to accept gift cards as an alternative to credit cards for purchases.
Paysafe said the agreement is part of a strategy to boost its online cash business in the U.S., which represents one of the biggest e-commerce markets in the world and is projected to grow from $374 billion in 2020 to $476 billion by 2024.
“The COVID-19 pandemic has galvanized e-commerce in the United States,” Philip McHugh, global CEO of Paysafe, told Mobile Payments today via email. “Over half of Americans have been shopping online more than previously, with 25% of consumers transacting with online merchants for the very first time, according to our research from April.”
He said that U.S. consumers have remained more loyal to cash than consumers in the U.K. and Germany however, and says that many U.S. consumers would like to find a way to convert that cash into online use.
Did you know cashless payments benefit consumers and businesses?
The Strawhecker Group (TSG) has prepared an insightful infographic to explain the immense value both businesses and consumers get when cashless payments are used (debit and credit cards, Apple Pay, etc.).
COVID-19 has made consumers rethink how they pay out of fear of touching cash. Now more than ever, it is important to explain the benefits of cashless payments to consumers, as well as the businesses they visit. A recent TSG survey shows that nearly half of small businesses that accept cashless payments have seen consumers using or asking for these methods more often since the COVID-19 pandemic started.
So, you tell us – is the juice worth the squeeze?