Paysafe provides Payfriendz with a suite of payment processing and card services. A Principal Member of MasterCard and authorised by the UK Financial Conduct Authority to issue e-money in the European Economic Area, Paysafe also has its own acquiring licences from MasterCard Europe and Visa Europe.
Paysafe enables users of the Payfriendz social payments app to load and hold funds in their Payfriendz account, and spend online using a virtual MasterCard. Payfriendz is a social chat and mobile payments app which allows users to send, request and receive money from friends and contacts.
Once funds have been collected, users can transfer the money to their UK bank account. They can also shop online using a virtual MasterCard card linked to their Payfriendz account. There is a feature that allows groups to collect funds together for group purchases. There are no charges to users for receiving or sending money, messaging, topping up with a UK debit card, transferring to a UK bank account or using the virtual prepaid card online.
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