Press release from Business Wire India
Source: PlaySpan India Pvt Ltd
Saturday, May 30, 2009 12:59 PM IST (07:29 AM GMT)
Editors: General: Consumer interest, Entertainment; Business: Advertising, PR & marketing, Banking & financial services, Information technology; Technology
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PayByCash® Introduces PayByCash CodeT Option to Customers and Online Retailers in 180 Countries
Online Merchants Can Now Easily Accept the World's Popular Non-Credit-Card Payment Options Through their Existing Credit Card Gateway
Mumbai, Maharashtra, India, Saturday, May 30, 2009 -- (Business Wire India) -- PayByCash®, a subsidiary of PlaySpanT, today announced the availability of the PayByCash CodeT, the most accessible pre-paid product for consumers in 180 countries. PayByCash's revolutionary new product provides consumers with a streamlined way to make Internet purchases. Using a PayByCash Code is similar to using a credit-card but without the activation hassles that make store-purchased prepaid cards challenging for many consumer demographics.
"The great benefit for online retailers is that they can now effortlessly tap into a huge new pool of consumers who previously were unable to complete online purchases," said Kevin Higgins, President of PayByCash. "We've removed the need for merchants to modify their ecommerce systems in order to accept various countries' popular payment methods, especially those used by credit-constrained or unbanked consumers." "Furthermore, with the ongoing credit crunch, PayByCash Codes enable merchants to remain accessible to consumers who are losing access to their credit cards."
Higgins continued, "This program is revolutionary in that it bundles PayByCash's unrivaled international payment processing capability, its online experience, and the convenience of a credit-card checkout, with acceptance that's so easy that many merchants could literally begin accepting PayByCash Codes in less than a day. That means a potential immediate revenue lift of 5 to15% or more with almost zero effort."
An enormous number of consumers who don't use credit cards because they are unbanked or live in the many countries where cash payment methods remain highly popular can now enjoy the value and convenience of international Internet shopping. In addition, this means online merchants have just been given easy access to the hugely lucrative but tough-to-reach global teen and college demographics. It also means merchants can safely accept PayByCash Codes from parts of the world where they would normally decline a conventional credit card transaction due to the risk of payment fraud. With this product's unveiling, PayByCash becomes the first processor to provide access to the world's most popular non-bank-based payment methods to merchants whose systems only accept major credit cards.
According to a recent New York Times article, "Every major credit card issuer has been approving fewer new applicants, reining in credit lines and canceling unused accounts. And Meredith A. Whitney, a prominent banking analyst, expects credit card lenders to cut the lines of credit they extend to borrowers by a total of $2.7 trillion through 2010. That is equivalent to a 57 percent reduction in the credit they made available two years ago at the height of the boom." PayByCash Codes make these and the estimated more than a billion people globally who lack bank accounts or who don't have access to credit cards more accessible to online merchants.
About PayByCash®
PayByCash® has empowered non-credit card customers and the Internet businesses that want to reach them since 1998. PayByCash offers more than 80 payment methods, providing merchants with global reach and reduced fraud risk. PayByCash also distributes another pre-paid card, the Ultimate Game Card®, the multiplayer game industry's best known pre-paid card. The Ultimate Game Card can be used by young demographics to pay for access to hundreds of online adventure games. It's distributed in over 27,000 stores in North America, as well as in other markets worldwide.
For more information about PayByCash, visit http://www.paybycash.com.
PlaySpanT is the leader in monetization solutions for over 1,000 online games, virtual worlds, and social networks. PlaySpan's patent-pending in-game virtual goods commerce and micropayment platform enables game publishers and developers to generate new revenues, acquire new users, and extend the loyalty of existing users.
Social network payment solutions are available through Spare Change©. Acquired by PlaySpan in April 2009, Spare Change is the first and leading payments platform designed specifically for social networks. Featured on over 700 applications, across Facebook, MySpace, and Bebo, Spare Change empowers developers to successfully monetize their applications through micro payments. The Spare Change platform enables users to make safe, convenient, and friendly 1-click purchases through a variety of funding sources.
PlaySpan is headquartered in Silicon Valley with offices in Charlottesville, Virginia, Cincinnati, Ohio, and Mumbai. Investors include Easton Capital, Menlo Ventures, STIC and Novel TMT Ventures. The company has recently won the 2009 OnHollywood Category Award for Best Gaming Company.
For more information about PlaySpan, visit http://corp.playspan.com
For more information about Spare Change visit: www.sparechangepayments.com
CONTACT DETAILS
Vinayak Rao, PlaySpan India Pvt Ltd, +91 9820045958, Vinayak.rao@playspan.com
KEYWORDS
CONSUMER, ENTERTAINMENT, MARKETING, BANKING, IT, TECHNOLOGY
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