In many of these countries, cash transactions play an important role in day-to-day life, and are a popular way of paying for digital services such as online entertainment, streaming social networks and gaming.
The CashtoCode service is designed for the large market sector of people who prefer cash payments, as a fast and easy way for online entertainment, providers to reach hundreds of thousands of retail locations. It is ideal for merchants already in these countries, as well as those looking to expand there in the future.
CashtoCode has grown significantly in the last 18 months, both in Europe and following its successful launch in international markets such as Nigeria and Australia. However, this expansion represents the biggest increase to its global footprint to date. The scale and speed of this global expansion underscores CashtoCode’s position as an emerging force in the cash payments industry ready to rival the incumbent brands.
“This rapid expansion of our global footprint offers some big benefits to merchants and customers alike. Cash deposits have always proven to be an effective driver of incremental revenue, and many digital entertainment providers are exploring new ways of adding cash to their payments ecosystem,” said CashtoCode CEO, Jens Bader.
“This expansion gives existing merchants the ability to immediately tap into a diverse mix of cash-centric countries and emerging markets. For customers who like cash, our service is secure, reliable and easy to use, and will fill a gap in the market for simple and accessible payment options. To put the 300,000 locations figure into perspective, there are 39,000 McDonalds locations worldwide,” he added.
CashtoCode is now live in the following countries
1. Brazil – 110k locations
2. Mexico – 26k locations
3. Columbia – 20k locations
4. Chile – 32k locations
5. Senegal – 12k locations
6. Uganda – 22k locations
7. Ghana – 25k locations
8. Kenya – 30k locations
9. Cameroon – 5k locations
10. Philippines – 1k locations
CashtoCode is operated by Berlin-based Fintech Funanga AG. Launched in 2016, the CashtoCode platform connects a vast network of online merchants from various industries and payment service providers with over 150,000 retail locations across Europe and international markets.
The CashtoCode service enables customers to conveniently pay for their online purchases with cash at their chosen retail location, or via an eVoucher in international markets outside Europe. As such CashtoCode technically manages through its vast networks of partners the secure, convenient, and compliant collection and settlement of payments from customers across numerous markets globally.
Source: GMB
