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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

GLORY Agrees Strategic Partnership With Paysafe to Enhance Access to the Digital Economy for Un- and Under-banked Consumers

August 23, 2021 GMT

BASINGSTOKE, England--(BUSINESS WIRE)--Aug 23, 2021--

Glory Ltd. (TYO:6457), a global leader in cash technology solutions, and Paysafe, a leading specialized payments platform, today announced they have entered into a strategic partnership to further improve access to the digital economy for consumers with limited access to mainstream electronic payments.

For the estimated 2 billion people globally who remain unbanked, as well as those who choose to rely on cash, access to the opportunities of digital commerce is severely limited. Glory’s recycling solutions automate the authentication and processing of cash at the point of sale while Paysafe’s leading eCash solution, paysafecard, enables consumers to convert cash to electronic value for use online or in-store.

By bringing together Glory’s cash automation solutions with paysafecard, retailers can further enhance their position at the centre of the new cash cycle as well as drive more in-store footfall such as e-wallet top up and cash payment for utility bills.

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Mr. Minoru Higashiyama, Senior General Manager of the New Business Promotion Division at Glory said “We are delighted to announce the new partnership with Paysafe. Increasingly we are seeing our retail customers driving transformation of the traditional cash cycle to reduce cost and the environmental impact of cash transportation. Cash recycling solutions at the point of sale not only enhance the efficiency of in-store processes, they are enabling retailers to become access points for cash filling the gap left by bank branch closures and reducing numbers of ATMs.”

Udo Mueller, CEO of Paysafe’s eCash and open banking division, said “This strategic partnership with Glory represents a real opportunity for both companies to grow given the strength of our respective offerings and the complementary nature of our existing customer relationships.”

Associated with the new partnership agreement, as recently communicated, Glory has agreed to sell to its majority share interest in viafintech GmbH to Paysafe for an undisclosed sum. Glory acquired 51.93% of viafintech issued share capital in January 2020.

Mr. Higashiyama commented further, “Divestiture of our majority shareholding in viafintech to Paysafe not only realises significant growth in the value of our investment, it will accelerate the growth of the viafintech business from which we will continue to benefit through the new strategic partnership.”

About GLORY

As a global leader in cash technology solutions, we provide the financial, retail, QSR, cash center and gaming industries with confidence that their cash is protected and always working to help build a stronger business.

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Our cash automation technologies and process engineering services help businesses in more than 100 countries optimize the handling, movement and management of cash. While we span the globe, we personally engage with each customer to address their unique challenges and goals — enhancing staff efficiency, reducing operating costs and enabling a more rewarding customer experience.

Employing over 11,000 professionals worldwide with dedicated R&D and manufacturing facilities across the world, GLORY is built on a rich customer-focused, technology-driven heritage spanning almost a hundred years.

For further information please visit www.glory-global.com or follow us on Twitter: http://twitter.com/glory_global.

About paysafecard

paysafecard, a market leader in eCash payment solutions, was founded in 2000 and is headquartered in Vienna. paysafecard is part of the international Paysafe Group, which provides a broad portfolio of innovative payment solutions and services.

paysafecard offers prepaid and online cash solutions under the brands paysafecard, my paysafecard, paysafecard Mastercard® and Paysafecash. Available in 650,000 sales outlets in 50 countries, paysafecard enables simple and secure online transactions with cash. By using a 16-digit paysafecard code, customers do not need an account or credit card to pay on the Internet, protecting their confidential financial information. In 2018, paysafecard developed Paysafecash, with which customers can shop online first and then pay securely for their purchases with cash offline at the next payment point.

Paysafecash is already available in almost 30 countries. In 2020, paysafecard reached a transaction volume of 4 billion euros. www.paysafecard.com

About Paysafe Limited

Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualised transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments.

Further information is available at www.paysafe.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210822005031/en/

CONTACT: Media

Paul Race

Vice President, Strategic Marketing

paul.race@glory-global.com

+44 7887 052366

KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY MOBILE/WIRELESS FINANCE SOFTWARE BANKING

SOURCE: Glory Ltd.

Copyright Business Wire 2021.

PUB: 08/23/2021 02:29 AM/DISC: 08/23/2021 02:29 AM

http://www.businesswire.com/news/home/20210822005031/en