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07 2018 | NEWS

 11 paysafecard transaction volumes were back to normal within a few days, when all Italian paysafecard users had to register for a „my paysafecard“ account in June. © Shutterstock

my paysafecard conquers Italy

Against the background of new legal conditions, since the beginning of June nearly all our Italian customers have a "my paysafecard" account. Thanks to good preparation, the conversion had hardly any effect on the volume of paysafecard transactions.

Just one week after the conversion to the mandatory payment process through "my paysafecard" accounts, the volume of paysafecard transactions in Italy had already almost returned to the level before the conversion. (see illustration) "We have really worked hard to ensure that everyone affected is well-informed and understands that the new legal framework with its mandatory KYC procedures offers advantages for all sides," says Claudia Schügerl, Head of B2B Marketing.

In particular, the new situation was explained to the many Italian end-customers in mailings, through redesign of the website and through the distribution partners. The paysafecard Marketing Department even produced a special explanatory video. Almost all users consequently applied directly after the conversion for a new ­p­aysafecard account. The transaction volume in a very short time ­reached about 90 % of the level before the conversion. In its basic variant, the account now complies with the ­Simple Due Diligence (SDD) requirements of the new AMLD 4 money-laundering directive.

At the same time, the payment process using "my ­paysafecard" is greatly simplified, as a result of which merchants benefit from lower bounce rates. In order to pay online, users now only need their user name and password. The 16-digit PINs are now only entered or scanned if the account is to be topped up.

It is also easier now to raise the limits with "my paysafecard." If the account holders go through a roughly 10-minute Full Due Diligence (FDD) process during which they need to upload a scanned identity document and carry out a facial recognition test, they can register for a "my ­paysafecard" unlimited account. The maximum available balance is doubled to EUR 5,000 and the annual top-up and payment limits are entirely removed. "We were able to use our campaign about the new legal position and about conversion very beneficially, in order to broadcast these advantages again to the public much more effectively," says Claudia Schügerl. "I am sure that this is one of the reasons why many Italian 'my paysafecard' users have directly opted for the unlimited account."