Paysafe’s Rapid Transfer expands into US in partnership with Skrill USA
Leading global payments provider Paysafe Group has announced a partnership with Skrill USA, Inc., a digital payments leader headquartered in Miami, Florida. The deal sees Paysafe’s Rapid Transfer, an online banking payments service available in 18 European countries, launch in the US market through the Skrill digital wallet.
Using Paysafe’s Rapid Transfer identity and verification service, US consumers who transact with a merchant client of Skrill can now make instant online payments from their bank account without leaving the merchant’s website. By simply logging in with their bank account details at a merchant’s checkout, consumers will be able to rapidly make payments via ACH or wire transfer.
Rapid Transfer will appeal to US consumers who prefer the security of online banking to credit cards and alternative payment methods. Given that Paysafe’s 2018 ‘Lost in Transaction’ payments report revealed that almost a third of US consumers (30%) have ecommerce fraud concerns, reassuring these customers through secure payments services has become commercially important for merchants.
With no additional consumer registration necessary, merchants will also benefit from offering their customers a payments service that is as convenient as it is quick. Rapid Transfer will therefore strongly support merchants’ customer conversions.
As well as facilitating merchant payments through online banking, Rapid Transfer also enables consumers to seamlessly upload funds from their online bank account to their Skrill digital wallet.
Rapid Transfer’s entry into the US market follows its strong growth in Europe. Launched in Q3 2016 in the UK, Germany, France, Austria, Italy and Spain, the solution has since expanded into the Netherlands and Belgium as well as various Scandinavian, Baltic and eastern European markets. Rapid Transfer is today integrated with over 3,000 banks globally.
Lorenzo Pellegrino, CEO of Rapid Transfer at Paysafe Group, said: “Our Q4 2018 research reveals that only a fifth of smaller US online merchants (22%) offer direct bank transfer. This suggests there is significant space for Rapid Transfer’s growth in the US market, especially considering the product’s benefits for card not present merchants and their customers as well as its strong uptake across Europe.”