Skrill to discontinue Ukash brand
Payments provider to combine Ukash with paysafecard as it looks to integrate prepaid voucher products
Online payments processor Skrill will discontinue its Ukash brand and integrate the prepaid voucher provider into its paysafecard subsidiary, eGaming Review has learned.
The integration of Ukash, which was acquired by Skrill in November, is already underway with all voucher redemption deadlines set for 31 October while no more vouchers will be sold in the UK from the end of August.
“Already one of Europe’s most popular, proven and secure prepaid payment solutions, the acquisition of Ukash will further strengthen paysafecard’s position as a global force in secure online payment,” a payesafecard spokesperson told eGR
“The integration will be phased over the next few months, with a clear plan of communications to ensure that resellers, merchants and consumers of Ukash are completely informed about the changes and the benefits of being part of the paysafecard offering,” the spokesperson added.
Skrill’s deal for Ukash last November was its second major acquisition in the prepaid voucher sector in as many years after having sealed its purchase of paysafecard for 140m in 2013.
Earlier this year Skrill was bought by NETELLER-owner Optimal Payments for approximately 1.1bn as part of a reverse takeover deal, with London-based Optimal acquiring the holding companies behind Skrill from its current owners CVC Capital partners for 720m in cash and the remainder in shares.