By Sam Boughedda
Investing.com — The stock price of Paysafe Ltd (NYSE:PSFE) rallied Tuesday on the news it has extended its partnership with payments provider Zen.com.
Paysafe shares rose 6.1% to $8.19, though they are down more than 45% for the year.
The deal means the company's customers are now able to make cash deposits into Zen.com's virtual wallets in 25 countries in Europe using Paysafe's eCash solution and Paysafecash.
"Our cooperation with Paysafe, our valued partner over many years, benefits multiple audiences by allowing us to provide merchants with a wider variety of payment methods and enable customers to use their preferred payment method. As an agile and trustworthy partner, Paysafe is a pleasure to work with,” said Michał Bogusławski, commercial director of Zen.com.
The two companies have an ongoing collaboration, with today's announcement being the latest development. Zen.com’s business customers can already use the option of accepting payments via Paysafe’s prepaid solution, paysafecard, and digital wallet Skrill. Zen.com said there are also plans for additional integrations of Paysafe’s payments solutions.
Udo Müller, CEO of Paysafe’s eCash division said: "Our eCash network is extremely well established and continually expanding, making this a very convenient and accessible wallet-loading option for Zen.com’s cash-based customers, especially as cash remains a cornerstone of the payment landscape in many of these countries.”