Paysafecard is a prepaid system of online electronic payment. With the use of paysafecard there is no need for sharing sensitive Information like bank account or credit card details. In fact the paysafecard system is almost similar to using cash to pay purchases in normal shops.
Paysafecard works with the use of 16-digits pin numbers which are printed on a card and entered at the receiving end. The pin numbers can be used multiple times and clients can also purchase more than one pin number. At the start paysafecard was only available as a physical card but later it was also available in the form of eVouchers that can be purchased online since 2004. The denominations which paysafecard can be purchased in are €10 and €100. To get larger denominations clients can combine up to 10 pin numbers for a total maximum of €1,000.
The Company that managed the payment system is paysafecard.com Wertkarten AG with its office which is located in Vienna. It also maintains subsidiaries in countries like Argentina, Germany, Gibraltar, Great Britain, Mexico, Switzerland, the Netherlands and USA. The paysafecard system is for now accepted in more 37 countries in Australia, Europe and the Americas and over 4000 online establishments.
Paysafecard works under an umbrella of several subsidiaries in several countries. In 2006 the company won funding under the European Union eTen Community programme to help in the expansion of its electronic payment services across the EU. By 2008 its subsidiary Prepaid Services Company Ltd, had been issued an e-money license by the U.K’s Financial Services Authority (FSA). This license permitted paysafecard to deal in e-money across the EU. In recognition of the quality of their services paysafecard was voted as the “Best Prepaid Company Outside USA” and “Leading Prepaid Organisation” in 2008 by Prepaid Awards. The worth of paysafecard services is not only appreciated by its clients but also by its competitors. In fact one of its main rivals in Europe Skrill acquired the holding company paysafecard.com Wertkarten AG in early 2013.
Recognizing the increasing popularity of paysafecard for making payments some Binary Options Bokers are accepting paysafecard’s e-Money so that their clients can make their deposits with it.