Paysafe Card is one of several online payment options offered by the Paysafe company. Others include things like Paysafe:cash, but it is the card that is proving to be the most widely used.
Paysafe was launched back in 2000 and was purchased 13 years later by e-wallet provider Skrill. The Paysafe Card is a form of prepayment that involves customers buying vouchers that come with PIN codes that can then be entered to complete a payment.
It has become popular as a way of processing digital transactions, particularly where user privacy and data protection can be a concern. For example, it is a favoured payment method for users of online casinos, as the Paysafe Card allows you to make online payments without giving your sensitive bank details, which in turn helps with data protection and security concerns for online players.
It is also becoming common for people to use Paysafe when paying their utility bills. Below we will look into why this is a smart option.
Using Paysafe Card as a way of paying everyday utility bills has the same benefits as using it to make deposits on sites that you may not want to share so much personal data on. The main advantage being that it reduces the amount of personal information that you have to share over the internet.
Although most companies now deploy encryption software to protect the data of their customers, you can never be too careful. Not having to provide that information to complete payments eliminates the risk of it being stolen by cyber-criminals.
Because Paysafe Card is a sort of credit card that is paid for in advance, it has benefits for utilities providers too. It means there is less need for them to store the sort of sensitive customer data that can leave them vulnerable to costly cyber-attacks.
There are also some drawbacks to using Paysafe Card for utility bills.
Limited Take-up Among Companies
The most significant of them is that the utility company in question must be signed up with Paysafe. If they are not, this particular payment method will simply not be an option for the customer.
Paysafe is certainly encouraging them to make the service available to their customers, but at the moment it remains mostly gaming and e-commerce firms that offer it as an option. Until Paysafe Card starts to be more widely adopted by companies outside of those sectors it will remain limited as an option for paying bills.
Requires Tech Awareness
Paysafe Card removes the need for people to enter personal or banking details into an online site, by allowing them to pay by inputting a 16-digit code instead. However, to be capable of doing that they will still need to be comfortable with using modern technology. For older less tech savvy people it could potentially be a barrier to making essential utility bill payments on time.
Thus, Paysafe Card has both real advantages and drawbacks as a bill payment method. It is something that could really help to nullify the threat posed by cyber-crime, but the rates of adoption among companies are still low and older generations may find it more difficult than direct debit or telephone bill payments.
When it comes to paying utility bills, there is no one-size-fits-all solution. To avoid getting into debt, people have to choose the method that they prefer and that will enable them to make payments on or before the due dates.
Young people who are familiar with digital transactions could well find Paysafe Card a good way of cutting back on the sensitive data that they have to share to make bill payments. That is, if their utility providers have it as one of the payment options – but there is clear evidence that these firms stand to benefit by embracing it.
On the other hand, those from older generations may find traditional billing methods easier and more comfortable. These are payments that no one can afford to get wrong or fail to make on time, so selecting a way of completing them that will ensure you can avoid mistakes is the single most important factor.
Paysafe Card is a way of conducting transactions online that will reduce the risks for people who can work it, but it is not yet a truly mainstream way of paying for services. Reducing cyber-crime is essential and Paysafe Card will help with that, but utilities companies have to make it available.
