Skrill boosts paysafecard service with Ukash acquisition

1 December 2014

Online payment processor Skrill Group has agreed a deal to acquire online cash payments provider Ukash as part of a move to strengthen its paysafecard pre-paid payment service.

Under the deal, the terms of which were not disclosed, Skrill will combine paysafecard and Ukash to expand digital payments across both established and emerging markets.

Having first become part of the Skrill Group in 2013, paysafecard has expanded its services to a network of more than 450,000 distribution outlets across 39 countries.

“By becoming part of Skrill Group, Ukash will come together with paysafecard to deliver payment innovation and give customers choice and confidence when engaging in the digital world,” Ukash chief executive officer David Hunter said.

David Sear, who will become chief executive officer of Skrill in January, added: “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.”

Udo Müller, chief executive officer of paysafecard, also added: “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.”

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