Paysafe Limited (NYSE: PSFE) confirmed that it has enabled eCash payments for US auto loans with Exeter Finance LLC. Paysafe and Exeter Finance LLC both have entered into a partnership agreement to allow eCash payments. This move demonstrates that Paysafe is intending to grow its footprint in the payments space.
As per the partnership, an Exeter customer makes a loan payment by logging onto their account and selecting Paysafe cash as the payment method, which generates an online barcode that they may either store digitally or print. The customer presents the barcode and completes the payment in cash at one of the 70,000+ Paysafe cash payment locations in the United States.
Furthermore, the partnership Paysafecash, which first entered the American car financing payments market in Q2 2021, is now available to Exeter's 500,000+ customers as the company's newest alternative payment option and first eCash solution. Paysafecash, a payments solution for unbanked and underbanked consumers, or anyone who prefers to pay with cash, allows these clients to make payments safely and securely online.
Paysafe's eCash division CEO, Udo Müller, said: "Exeter Finance shares our dedication to fostering financial inclusion in the United States, and we're excited to work with them. Exeter Finance customers who prefer cash have the option of Paysafecash, which fulfills their payment preferences and simplifies their overall loan repayments, whether they are buying a car to commute to work or to take the kids to school."
On the other hand, Exeter commented that it is thrilled to provide its more than half-million customers with another payment alternative. Paysafecash gives them a safe and simple way to pay with cash, and Exeter is glad to have such an option to improve the experience of its clients.