According to a company announcement issued today, UK- based global payments company, Skrill Group, signed an agreement with electronic money system Ukash. The move aims to boost Skrill Group’s rapidly growing business segment paysafecard, which is a secure prepaid payment system for online purchases.
Paysafecard is a payments system which allows clients to securely transfer money to shop online. After a customer funds his/her card in a physical outlet offline the funds can be used online by entering a 16 digit Pin number.
After Skrill Group acquired paysafecard last year it has become one of the fastest growing segments of the firm’s business. Combining paysafecard with Ukash will enable Skrill to further expand its digital payments business in both established and emerging markets.
The CEO designate of Skrill, David Sear, who will take the helm at the company in January, commented, “The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market. We are proud to support both consumers and online businesses with the world’s largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world.”
According to the CEO of paysafecard, Udo Müller, “The acquisition of Ukash will bring together two prepaid technologies with strong synergies, enabling even more customers to pay online as safely and easily as with cash. Ukash increases paysafecard’s global presence and will open up new opportunities for online businesses.”
The financial terms of the acquisition have not been disclosed. The completion of the transaction is subject to regulatory approvals.