Glory and Paysafe announced they have entered into a strategic partnership to further improve access to the digital economy for consumers with limited access to mainstream electronic payments.
For the estimated 2 billion people globally who remain unbanked, as well as those who choose to rely on cash, access to the opportunities of digital commerce is severely limited. Glory’s recycling solutions automate the authentication and processing of cash at the point of sale while Paysafe’s leading eCash solution, paysafecard, enables consumers to convert cash to electronic value for use online or in-store.
By bringing together Glory’s cash automation solutions with paysafecard, retailers can further enhance their position at the centre of the new cash cycle as well as drive more in-store footfall such as e-wallet top up and cash payment for utility bills.
Mr. Minoru Higashiyama, Senior General Manager of the New Business Promotion Division at Glory said “We are delighted to announce the new partnership with Paysafe. Increasingly we are seeing our retail customers driving transformation of the traditional cash cycle to reduce cost and the environmental impact of cash transportation. Cash recycling solutions at the point of sale not only enhance the efficiency of in-store processes, they are enabling retailers to become access points for cash filling the gap left by bank branch closures and reducing numbers of ATMs.”
Udo Mueller, CEO of Paysafe’s eCash and open banking division, said “This strategic partnership with Glory represents a real opportunity for both companies to grow given the strength of our respective offerings and the complementary nature of our existing customer relationships.”
Associated with the new partnership agreement, as recently communicated, Glory has agreed to sell to its majority share interest in viafintech GmbH to Paysafe for an undisclosed sum. Glory acquired 51.93% of viafintech issued share capital in January 2020.
Mr. Higashiyama commented further, “Divestiture of our majority shareholding in viafintech to Paysafe not only realises significant growth in the value of our investment, it will accelerate the growth of the viafintech business from which we will continue to benefit through the new strategic partnership.”