How Does Paysafecard Work?
Paysafecard is prepaid, which means you buy the voucher, either online or a real-life retail store, with a fixed amount already attached to it. The payment option is incredibly simple to use as each Paysafecard voucher features a 16-digit PIN code which must be entered when making an online payment. That’s it.
Since users only need to enter the 16-digit PIN code to make a purchase and use the payment service, they don’t need to enter any personal or financial details. This means there’s a lower chance that a third-party can steal personal information, though that rarely happens anyway.
Users can also create a ‘My Paysafecard’ account which stores all of your 16-digit PIN codes and gives you complete control over your spending. You can use the account to monitor your vouchers and buy more online. Registered users will also benefit from exclusive rewards with My PLUS, a loyalty programme by Paysafecard.
It’s important to note that you can only buy Paysafecard UK vouchers online if you have a My Paysafecard account.
Around 2009, Paysafecard acquired a MasterCard license, allowing it to issue MasterCard products. Around 2014, the firm launched prepaid MasterCard products, allowing customers to buy and use prepaid Paysafecard MasterCards. The service works similarly to a credit card and allows customers to upload vouchers to their Paysafecard MasterCard which can be used at any sites that accept MasterCard including as Amazon, PayPal, Zalando, Alibaba and many more. The service also allows customers to withdraw Paysafecard voucher money from ATMs.
However, cards must be ordered online and come in two options; a card for Young Adults and a card for Adults. Each card allows for different maximum balances, transactions and withdrawals, so it’s important you research which type of Paysafecard MasterCard is for you.
Benefits and Limitations
There are numerous reasons why people enjoy using Paysafecard online and in real-life. We’ve already mentioned that it’s one of the safest methods around, but it’s also one of the easiest to use because you simply need to buy a voucher and then enter the 16-digit PIN code. Depositing via Paysafecard means you won’t be charged any additional fees and it’ll be easy to monitor your spending as you will be required to buy a new voucher whenever you want to make an additional payment or deposit.
However, having to buy a new voucher whenever you want to make a new payment can be somewhat annoying for some people as you’ll have to go through the entire process again and again. In addition, since the vouchers are all prepaid, you can only buy vouchers in values of £10, £25, £50, £75 and £100.
So, if you want to deposit £55 at an online casino, you’ll need to buy three vouchers for £10 and another voucher for £25. You will then have to enter each 16-digit PIN code separately into the casino when making a deposit which can be time-consuming. What’s more is that Paysafecard actually limits users from buying over £1,000 worth of vouchers, so if you’re looking to make a large deposit at an online casino, you should look elsewhere.
History of Paysafecard
Paysafecard first launched in Vienna, Austria, in 2000 when it was developed by four Austrians. Back then it was only available to users based in Austria and could only be bought as a physical card. In 2001, Paysafecard launched in Germany and a year later the vouchers were available as printed receipts which displayed your 16-digit PIN code and e-vouchers through emails. Then, in 2004, Paysafecard was made available online.
In 2005, Paysafecard was given EU funding (Known as eTEN), prompting it to expand to countries such as Greece, Slovenia, Spain, the UK and Slovakia throughout 2006. Two years later, Paysafecard acquired an e-money license from the British Financial Conduct Authority (FCA) through its subsidiary Prepaid Services Company Ltd. The license allowed Paysafecard to operate in several more countries throughout Europe and, in 2008, over 15 million transactions were completed for the first time ever.
The company continued to expand throughout 2008 and 2009, launching in an additional 10 European countries. Argentina also became the first non-EU country to accept Paysafecard. Then, in 2010, Paysafecard launched in the United States and Mexico, making it available in 27 countries.
The Paysafecard online app was launched in 2011, allowing users to monitor their vouchers and buy new ones from their smartphone devices. A year after this, the payment option launched in Turkey, Canada, Croatia, Hungary, Italy and Malta. The following year, in 2013, Paysafecard became available in Gibraltar, Australia, Bulgaria and Lithuania and was acquired by popular e-wallet Skrill.
In 2014, Skrill, which owned Paysafecard, was acquired by Optimal Payments PLC, an online payment company which also owned Neteller. A year after, in December 2015, the company rebranded to the Paysafe Group.
Over the next few years, Paysafecard continued to launch in multiple countries including New Zealand, Kuwait, Peru and Uruguay. The My Paysafecard service also launched along with the My PLUS loyalty programme. Today, Paysafecard is available in over 40 countries around the world and is available in over 25 different currencies.
How To Buy Paysafecard Online Vouchers
Buying Paysafecard Vouchers Online
To buy a Paysafecard UK voucher online, you’ll need to create a My Paysafecard account. It’s a simple process, just follow the steps below:
- Head to the My Paysafecard UK website and click the ‘Register Now’ button. You’ll be presented with a screen where you’ll be asked to provide your full name, address, date of birth and email address. You’ll also be asked to create a username and password.
- Once done, you’ll need to agree to the Terms and Conditions and then click the ‘Register Now’ button to complete the registration. After that, you’ll receive a text message with a code which you’re required to enter.
- Once you’ve confirmed the code you’re ready to go and can use your My Paysafecard UK account to monitor your vouchers, buy new vouchers online and sign up to Paysafecard’s loyalty programme for exclusive rewards.
Buying Paysafecard Vouchers At Retail Stores
If you don’t want to create a My Paysafecard online account, you can instead buy Paysafecard UK vouchers at approved retail stores. According to the Paysafecard online website, you can buy vouchers at Asda, EPay, McColls, One Stop, PayPoint, WHSmith and Poundland.
The Paysafecard website features a handy service that allows you to enter your postcode and find the nearest retailer that sells Paysafecard vouchers.
Depositing With Paysafecard Online
Once you’ve bought one or more Paysafecard vouchers, you’ll be ready to use them at an online casino. It’s incredibly easy to do this, all you need to do is follow the steps below:
1. Find a casino that you enjoy that accepts Paysafecard UK as a payment option. When you’ve found a casino, register and create an account.
2. Once you’ve done that, navigate towards the deposit screen and select Paysafecard as your preferred method. You’ll then be asked to enter the amount you wish to deposit. Once that’s done, click ‘Deposit’ or ‘Continue’.
3. You’ll then be presented with a screen prompting you to enter your 16-digit PIN code. Enter it, accept the terms and conditions and then click ‘Pay’. That’s it! You’ve done, you’re then free to use your money as you wish!
Withdrawing With Paysafecard
Contrary to popular belief, you can actually withdraw using Paysafecard. Sadly, most online casinos don’t actually allow players to do this yet. If you’re lucky enough to find a casino that does allow Paysafecard withdrawals, well, it works the same as any other method, just request a withdrawal and wait for the money to reach you!
Safety & Security
We’ve already touched on the safety of Paysafecard, but it’s always good to know more. As mentioned, Paysafecard is safe and highly secure because users aren’t required to share any information other than the 16-digit PIN code. However, it’s important that you don’t buy Paysafecard vouchers from unauthorised retailers because they may not work.
Paysafecard UK works with various authorities and consumer protection agencies to ensure your safety. In the UK, Paysafecard is subject to the banking supervisory authority which checks compliance regarding money laundering regulations. In addition to this, any retailers selling Paysafecard must pass a compliance check to make sure they’re safe and secure.
The firm also checks that all partnered retailers possess the required licenses and permits to see Paysafecard vouchers, keeping you safe along the way.
Using Paysafecard is mostly free but you may find that you’ve been charged with one of the following fees under certain conditions:
- Maintenance Fee: If you have any remaining balance on a Paysafecard voucher over a year old, Paysafecard will deduct £3 from the voucher balance each month from the 13th month.
- Conversion Fee: Paysafecard charges a fee for currency conversions. The amount depends on the currency converted and the amount of money. You can find out how much the fee will be by using Paysafecard’s online currency converter.
- Redemption Fee: A total of £6 will be deducted from your Paysafecard voucher for requesting a refund. This applies to each individual refund.
- My Paysafecard Maintenance Fee: Users will be charged £5 monthly if they haven’t had any Paysafecard transactions in the last 12 months. Users will be charged monthly following the 13th month.
Are Paysafecard Vouchers Worth It?
Paysafecard is one of the safest payment options available and it’s accepted in numerous countries around the world. While it’s incredibly easy to use and buy, it does have its limitations and frustrations. You may find that Paysafecard vouchers can be difficult to purchase at retail outlets and that you’ll have to buy multiple vouchers in order to reach a certain value.
However, their safety is unparalleled and their ease of use makes Paysafecard an extremely attractive payment option. The fact that more casinos and online stores are beginning to accept the method makes it just that more appealing. It’s completely up to personal preference, but using Paysafecard vouchers will keep your personal information safe and will allow you to deposit at your favourite casinos quickly and easily. Why not grab one today and try it out?