PlaySpan’s PayByCash Introducing PayByCash Codes

PayByCash today announced a new product designed as a low-friction payment method for the young and unbanked. PayByCash Codes are described as working similarly to credit cards, but the company claims they're even eaiser to use than prepaid gift cards and also easier for merchants to work with when taking payment from international customers. The Codes essentially enable a merchant only configured to accept major credit card payments to accept money through popular non-bank methods. 

A customer obtains a Code by going to the PayByCash site and using one of PayByCash's 85 global payment methods to purchase a Code for the desired amount. Then the user can complete their transaction at the merchant site by entering the Code. The merchant can clear the Code payment just as he or she would a credit, debit, or check card transaction. Unlike credit card transactions, however, a PayByCash Code transaction is guaranteed by PayByCash.

PayByCash claims that Code support can be added to a merchant's payment systems in less than a day and can create an immediate lift in purchases of 5 to 15% with "almost zero effort" from the merchant. With more online businesses going international and with virtual worlds and online games aggressively pursuing young, unbanked customers, PayByCash is pushing the Codes as a credit alternative that online merchants selling virtual and physical goods need to support. For businesses in the virtual goods space, PayByCash is probably right.

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