On Friday, SafetyPay was added as one of the 80 payment methods for Facebook Credits. According to the Facebook Help Center, “Facebook Credits are a virtual currency you can use to buy virtual goods in any games or apps of the Facebook platform that accept payments.” This is a project that began as a beta test in 2009 and was finalized July 2011. Most Facebook users can access this by going to the newly added Payments tab within their Account Settings.
The goal of Facebook Credits for websites is to allow developers to create a unified experience beyond Facebook apps, and hopefully one day have all websites process virtual goods using these credits.
Currently, SafetyPay can be used a s a payment method for Mexico, Costa Rica, Peru, Spain, Austria and Brazil.
SafetyPay offered Peruvian Airlines a solution that would allow their clients a convenient way to pay through SafetyPay’s network of banks regardless of whether they bought tickets online or through the phone. Airline customers could make payments through the Internet or directly at physical locations. Additionally, SafetyPay would collect the funds and notify the airline upon receipt to authorize ticket issuance to the client as well as send the funds daily and provide transaction/reconciliation reports.
Impressed with this solution, Peruvian Airlines signed a contract with SafetyPay in January of 2010. Three weeks later SafetyPay was established as the new payment method for all their flights. Merchants who partner with SafetyPay enjoy cross-promotional opportunities and access to millions of online bank customers. In Peru alone, SafetyPay is affiliated with the four top banks, accounting for over 10 million customers. Jointly with one of their bank partners (Interbank),
SafetyPay promoted Peruvian Airlines to a test group of 25,000 customers as a new merchant accepting SafetyPay with special offers, via both bank and SafetyPay websites, statement stuffers and flyers.
As consumers replace cash, checks and credit cards with online and mobile banking, financial institutions need to alter services and offerings to keep up with consumer demand for convenience and security. New regulations preventing fee increases require banks to find alternative income sources, and SafetyPay’s white paper illustrates the ability of banks to use innovative technology to generate revenue and deliver considerable benefits to customers.
SafetyPay’s white paper looks at the benefits of new innovative payment methods and their ability to serve as an additional revenue generator for banks. The credit card has been the predominant online payment method, however, credit cards were not invented with the Internet in mind. As ecommerce has grown, their inherent deficiencies have become more apparent – increased risk of fraud and high costs for merchants to process. Because of this, inroads have been made by new payment methods as consumers recognize their convenience and security. In fact, by 2012, new payments are projected to reach 30 percent of online payments. Financial institutions providing online payment alternatives promote greater customer loyalty and satisfaction.
“Online banking makes international e-commerce a simple and safe process for merchants and consumers alike, and banks offering modern payment options are successfully attracting and retaining customers,” said Manuel Montero, CEO of SafetyPay. “At SafetyPay, our objective is to share the immense benefits online banking channels offer. We enable financial institutions, large and small, to enlist contemporary banking methods to generate revenue and provide a fraud proof payment solution to consumers and online retailers.”
To download the full white paper, please click here
Welcome to the official blog of SafetyPay. SafetyPay is a Secure Payment Facilitator and Clearinghouse benefiting online shoppers, online merchants and banks. SafetyPay allows shoppers to pay in local currency through their own trusted financial institution without the need for a credit card. The consumer never needs to divulge personal financial information to retailers. SafetyPay works behind the scenes to clear and settle the payment through bank partners.
Outside the U.S., credit cards are not universally held. In most countries, card penetration and usage are in fact small. Many cards issued in foreign countries can only be used in the market where they are issued and are deemed useless for most online shopping. Among the base of potential card-holding shoppers, security concerns limit shopping. Few countries protect consumers with legally-imposed liability limits for credit cards, leaving cardholders exposed to misuse of their information. Transaction security is cited as primary concern and cause for not purchasing online. Even shoppers that overcome their uneasiness with card use are often kept from purchasing by fraud-filtering systems. Often only U.S. credit cards are allowed to limit fraud risk, leading merchants to restrict purchases with non-U.S. cards. Over 50% of the top 100 U.S. online retailers do not sell to customers with foreign cards. This blog is your source for SafetyPay updates, new merchants, online discounts, ways to increase business revenue, events, and more!