Skrill to finally launch full service in the US

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • Skrill, which has operated in the New Jersey betting space for a while, will now offer full service to customers
  • Rapid Transfer service already in use in many European markets, and means customers do not need to leave a seller’s website to pay
  • “…there is significant space for Rapid Transfer’s growth in the US market, especially considering the product’s benefits for card not present merchants and their customers as well as its strong uptake across Europe”, says CEO

 

An international money transfers provider which has seen rapid growth in the European markets is finally set to get its services properly up and running in the US.

Skrill will now provide its Rapid Transfer service, which has been in operation for three years in Europe, to American customers.

It will happen through a partnership with the Paysafe group, which is Skrill’s parent company.

Rapid Transfer is a way for sellers of Internet-based products to offer instantaneous cash movements within their online stores.

Customers do not have to leave the website of the seller in order to make their payment, and they also do not have to register in order to do so.

Online banking integrations give customers the chance to add money to their Skrill wallets and then easily use that to pay for items via Rapid Transfer.

It offers additional defences against fraud, a problem which – according to press reports – is something that around 30% of American customers are concerned about, according to the “Lost in Transaction” report produced by Paysafe in 2018.

In a statement, Paysafe’s CEO of Rapid Transfer Lorenzo Pellegrino said that there was “significant space” for Rapid Transfer to make a move into this market.

“Our Q4 2018 research reveals that only a fifth of smaller US online merchants (22%) offer direct bank transfer”, Pellegrino said.

“This suggests there is significant space for Rapid Transfer’s growth in the US market, especially considering the product’s benefits for card not present merchants and their customers as well as its strong uptake across Europe.”

Skrill, which works along similar lines to PayPal, technically already operates in the United States in some specific areas. It was given a license by the state of New Jersey to operate as an approved internet gambling wallet provider.

However, it has still not been widely picked up, even by gambling firms themselves. PayPal is considered a more useful alternative by some merchants, and it also has higher name recognition.

Rapid Transfer has, until now, been a primarily European offering. It was first set up in six major European economies, and it is now also available in markets like eastern Europe, Scandinavia and more.

It also has a global cross-border payments reach which is likely to appeal to American customers and merchants, though. In total, it is integrated with more than 3,000 banks across the globe.

Learn more about the role that services such as Rapid Transfer can play in the global economy over at our news pages.


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