Today, we have many options when it comes to making payments. From using debit and credit cards to PayPal and Neteller, there are plenty of payment methods both online and in the physical world. One of the leading payment methods to emerge in recent times is Paysafecard. The card has become popular across the world but became a huge hit in some countries in particular, including Germany.

Paysafecard works in the same way as a credit card but it is a prepaid card. So, rather than having to pay off the card each month or when you have spent a specified amount of money, you simply top up the card and spend the funds until there is no money remaining on the card. You do not need a bank account to have a Paysafecard and when using the card online, you receive a code which you can enter when making a payment. There is also the option to buy a physical Paysafecard and this can be used in the same way as a credit card, both online and in brick and mortar stores. Obtaining the physical card is good if you want to make payments on a website that does not yet accept Paysafecard, such as when making a deposit at an online casino. However, many online casinos in Germany accept Paysafecard as a deposit method and you can find out more on this page.

Cash has long been the most popular form of payment in Germany. Despite the fact the use of cash has reduced in recent years, in 2021 it remained the main means of payment for goods in stores. In July 2021, a study showed that cash payments accounted for 58% of payments over the previous year. However, the number had fallen from 74% in 2017, which is a significant drop in the space of four years. When assessing why the volume of cash payments fell between 2017 and 2021, we must consider the impact of the pandemic. People could not leave their homes and go shopping in the traditional way and were forced to make purchases online. It is impossible to use cash when ordering an item online and it forced many people to switch to using some form of electronic payment method. That is where Paysafecard comes into play.

The main reason why cash continues to be a popular payment method in Germany is because of privacy. When walking into a shop and buying a product using cash, no other information is required. When using a bank card to make a purchase, it is now possible to simply tap the card against the card machine and the payment is accepted automatically. However, the money is removed from the bank account to which the card is attached and that means personal data is accessed. This becomes even more of an issue when making payments online using a bank card. To complete a payment online with a debit or credit card, the card details must be entered, including a name, card number, date of expiry and the card verification code found on the back of the card. It is a lot of information to hand over to a website and if these details are stolen, they could be used to make payments without the consent of the card owner.

Switching from using cash to having to provide bank card details is a big step and many Germans did not feel comfortable using their regular debit and credit cards for the reasons highlighted in the section above. Paysafecard came to the rescue because when using the card to make payments online, only the 16 digit number on the card is used. The Paysafecard is not linked to a bank account, so even if someone managed to get hold of the Paysafecard details and tried to spend a lot of money using the card details, only the amount loaded onto the card could be used, nothing more. No personal data is ever used when making payments using a Paysafecard and it is impossible for hackers to reach your bank account or use your debit card as a result of stealing Paysafecard information.

Paysafecard is also a good way to keep spending under control. You can only spend the amount of money loaded onto the card. You cannot build up debt when using Paysafecard and that is another reason why it was embraced in Germany. When using a credit card, it is easy to keep spending as there is no ‘real’ money on the card, only a loan limit which is set by the card issuer and that number could be into the thousands. That makes it tempting to keep spending but Paysafecard acts as a way to control spending, both on and offline.

The post Why Paysafecard Became a Huge Hit in Germany appeared first on CaptainAltcoin.

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