Paysafe has announced the expansion of its payment by online bank transfer solution, Rapid Transfer, into new markets including the Netherlands and Belgium.
The Netherlands provides a retail environment which is suited to payment by bank transfer, which is already popular in the country. According to the Dutch Payments Association’s annual report, in 2017, Dutch consumers made almost 202 million purchases on the internet, worth a total of EUR 22.5 billion – representing 22% of all purchases and a 13% growth compared to 2016. In Belgium, according to Belgian commerce association BeCommerce, 17% of all spending in the first half of 2017 took place online (based on value). Online sales increased by 10% during the period, while the number of online shoppers grew by 2%.
Rapid Transfer allows consumers to shop or pay for services using their bank account credentials, without leaving the merchant’s website. Skrill and NETELLER customers can also upload money into their digital wallet using the service. Payments are authorised and made in seconds.
Merchants benefit from the instant settlement available through Rapid Transfer payments, high conversion rates, and access to a larger potential customer base. Merchants can accept bank transfer transactions from over 3,000 financial institutions across Europe using Rapid Transfer.
Rapid Transfer is also now available as a deposit option for both NETELLER and Skrill customers. Paysafe plans to extend the service into other markets where its digital wallets services are available.
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