Mumbai, May 30 (ANI/Business Wire India): PayByCash(r), 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. (ANI)