Specialized payments platform Paysafe Limited (NYSE: PSFE) has expanded its partnership with transcoin.me, the first cryptocurrency exchange, which will offer cash funding via Paysafecash across 23 European countries.
Detailed Terms
The cash-based payment solution, Paysafecash will be offered to customers for buying cryptocurrency at the exchange. Customers across Europe, who prefer cash to make payments for online transactions, can now access Paysafecash to add cash into their transcoin.me fiat account.
This, in turn, will extend the exchange’s reach to cash-reliant customers. Meanwhile, Paysafe’s digital wallets Skrill and NETELLER are already in use as payment methods at transcoin.me.
Notably, cryptocurrencies are unregulated complex products with high price volatility.
Official Comments
The CEO of Paysafe’s eCash division, Udo Muller, said, “The rapidly growing decentralised finance economy is a focus for Paysafe and our suite of traditional and alternative payment solutions, including digital wallets and payment processing. We also see our eCash solutions as a great fit. The ability to use cash-funding for participation in the cryptocurrency exchange allows our cash-based customers access to the space as well as widening the reach of platforms like transcoin.me.”
Wall Street’s Take
Yesterday, Cowen & Co. analyst Georgios Mihalos upgraded Paysafe to a Buy from a Hold and maintained a price target of $7 (93.91% upside potential).
The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys and 3 Holds. The average Paysafe price target of $5.38 implies 49.03% upside potential. However, PSFE shares have lost almost 81% over the past year.
Paysafe is expected to release its upcoming earnings report for the fourth quarter of 2021 in mid-February.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into Paysafe’s performance this quarter.
According to the tool, the Paysafe website recorded a 234.49% increase in global visits in December compared to the same period last year. Also, a quarter-to-date comparison showed growth of 350.61% compared to Q4 2020. Notably, year-to-date website growth compared to year-to-date website growth in the previous year, came in at 29.9%.
Meanwhile, we could notice a website traffic uptrend on the website traffic tool. In 4Q21, there was an increase in traffic to the overall Paysafe website from unique visitors, on a global basis. This, in turn, indicates the company might report positive fourth-quarter top-line results as a whole.
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