Specialised payments platform Paysafe Limited (PSFE) has revealed that it has entered into a new partnership with the communications technology infrastructure and smart devices manufacturer, Huawei, to enable Paysafe’s online cash payment solution, paysafecard, in the Huawei App Gallery.
Implications of the Partnership
Paysafecard is an alternative payment method that makes cash-based online purchases available to millions of customers. In the Huawei App Gallery, it has been made available in Denmark, Finland, France, Germany, Italy, Norway, Poland, Spain, Sweden and the UK. The company’s plans to rollout the solution in more countries is also in the pipeline.
The CEO of Paysafe’s eCash division, Udo Müller, said, “Working with a powerhouse like Huawei extends the reach of our cash-based payment solution to millions of additional consumers. This is a major step on our path to making paysafecard the payment method of choice in the digital entertainment space. For cash-reliant consumers, it also makes purchases in the Huawei AppGallery more accessible, enabling them to make online purchases without a credit card or the need to reveal sensitive financial data.”
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Recently, Credit Suisse analyst Timothy Chiodo reiterated a Hold rating on the stock. The analyst, however, lowered the price target from $9 to $4, which implies upside potential of 1.5% from current levels.
The Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys and 4 Holds. The average Paysafe price target of $6.42 implies that the stock has upside potential of 62.9% from current levels. Shares have declined 62.3% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Paysafe’s performance this quarter.
According to the tool, compared to the year-ago period, the website of Paysafe recorded an 845.82% monthly rise in global visits in October. Further, the website traffic has grown 20.82% year-to-date against the same period last year.
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