Paysafe: The Value of Partnerships & Crypto’s Growth in 2024
Paysafe’s SVP of Digital Assets Micah Kershner and SVP of Partnerships & Ecommerce Chris Petersen, speak to FinTech Magazine about the outlook for crypto in 2024 and the growing worth of partnerships in the payments and financial services industries.
Helping the crypto market grow
An expert in sales and account management for crypto and the forex trading (FX) verticals, Kershner feels 2024 will mark a year of significantly greater adoption of crypto as a payment method. “Against the backdrop of unprecedented cryptocurrency ownership globally, there has never been a stronger appetite for crypto in the payments space,” he says.
“And amidst rising demand, crypto’s share of merchants’ wallets relative to other electronic payment methods is set to see important growth in 2024.
“At Paysafe, we’re strongly focused on delivering high-value payment solutions that bridge the crypto-fiat divide for the crypto industry, particularly for crypto exchanges and NFT marketplaces.
"Our crypto payment products ensure that crypto reaches everyone, enabling merchants in the vertical markets we serve to better engage with their customers, whose payment preferences are evolving to embrace digital assets more.
“An important market for our recent growth has been Latin America (LatAm), where we’ve expanded the reach of crypto in the region via SafetyPay and PagoEfectivo. Through these two Paysafe business units, merchants gain easy access to over 90% of LatAm’s GDP via local banking rails.”
And Paysafe’s business in LatAm extends even further. “We have a well-established eCash solution, paysafecard, which enables millions of users to convert cash into online spending,” adds Kershner. “The product offers significant potential for the crypto space in LatAm and beyond.
“With over a million points of sale globally for paysafecard, we're able to provide access for the crypto community to the unbanked and underbanked community. This is also a powerful use-case on how crypto can act as a remittance product.”
Paysafe can drive greater connectivity through its FX book. As Kershner notes: “We're seeing significant interest in our crypto payment products.
“We support consumer crypto payouts and merchant crypto withdrawals through our Skrill and NETELLER digital wallets – and there’s high demand for these capabilities. Looking ahead, we’re planning to roll-out crypto acceptance as a payment method in 2024.
“FX is an important use-case for crypto payments and enables high-speed cross-border transfers of value. In 2024 and beyond, we expect very strong growth in this space as well as in crypto as a payment method across our other key verticals.”
Paysafe: Driving partnerships in 2024
Of course, the growth of any business and the industry it serves (such as crypto) is highly dependent on partnerships.
This is where Petersen comes in as SVP for Paysafe’s Ecommerce and Partnerships division, helping the company generate revenue across retail, hospitality, entertainment and, of course, the business’ crypto division.
“With Paysafe’s diverse payments offering, my team’s focuses are broad – selling our merchant acquiring solutions, digital wallets, eCash products, and local payment methods (LPMs), which of course includes crypto payments.
"We also have a dedicated team of partnership managers that align with partners to provide integrated payment solutions to their merchants and consumers.”
She adds: “As a company, Paysafe is very committed to promoting corporate social responsibility (CSR). With that ethos in mind, it’s interesting to note the solid demand for crypto payments from charitable organisations, an important vertical for Paysafe.
"The trend is perhaps unsurprising, considering the strong correlation between crypto ownership and high-net-worth individuals, who are commonly also very active as charity donors.”
Petersen says: “Regardless of specific demographics, crypto is a user-friendly and frictionless way for consumers to not just donate but to make every other type of payment.”
In 2024, Petersen shares, Paysafe will continue its growth in the acquiring space and in particular expand its wallet products and services. “This year a major focus will be developing bespoke digital wallet solutions according to the particular needs of customers.”
She explains: “A significant example of this is the demand we’ve seen from clients for employer wallets, which provide an alternative to paying employees through a payroll service.
"Companies or merchants can pay employees by depositing their salary into the wallet directly, so the employee can access the funds immediately from their own wallet account.
“Employees can also choose to keep funds in their wallet account, convert them into different currencies, or carry out a wide range of other online transactions.
“From paying employees through an employer wallet to card payment processing and crypto donations to charities or using crypto to fund an FX trading account, a payment is the start of every consumer experience,” says Petersen.
“As we start 2024, we’re strongly focused on ensuring that, when it comes to all types of transactions and payments, everything ultimately starts with Paysafe.”
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