BRIT FSA APPROVAL FOR PAYSAFECARD

13 June 2008

e-Processor has pan European expansion plans


The respected British Financial Services Authority has awarded an e-money licence to online payment services provider Paysafecard.

The licence covers activities across the European Union, giving the firm greater independence from banking institutions and assisting it in realising ambitions for a rapid expansion across Europe.

Paysafecard currently offers its services in 10 markets but is hoping to spread its expertise and services further afield. In February this year the company launched in Switzerland, Holland and Belgium.

Michael Mueller, chief executive of the Paysafecard, said: “For us as an internationally operating company, the e-money licence is an enormous step forward. We will optimise our value chain and gain greater autonomy in the market through the licence. Obtaining it is one of the biggest milestones in the eight-year history of our company.”

“Our customers will benefit from the peace of mind [of knowing] that, unlike the banks, we are obliged to maintain 100 percent cash cover of deposits," said David Hunter, a member of Paysafecard management. "While our geographic expansion allows us to greatly help the 400 million Europeans who currently don’t have a card with which to buy online.”

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