Published on 28 November 2014 by Rhi
Back in 2013 love ’em or hate ’em payment method Skrill bought prepaid option paysafecard for approximately €140 million. Today is has been announced that Skrill are focusing on the prepaid market even further, by making a bid to acquire similar method Ukash. The deal is not quite finalised as regulator approvals are still required before it can be signed off and completed, but chances are this is a done deal. The amount has not yet been disclosed and the move is set to realise Skrills dream of becoming a ‘global force’ especially in the prepaid card sector.
“The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market. We are proud to support both consumers and online businesses with the world’s largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world.”
– David Sear, CEO
This will definitely cement Skrill’s position as a leading payment method the world over, but I can’t help but wonder if that’s a good thing. The amount of very serious issues that go wrong at Skrill on a daily basis (most recently, duplicating all transactions on customer accounts, resulting in twice as much money being debited!) mean many customers are losing faith in their reliability and their suitability to be handling our money.
Let’s hope that they buck up their ideas and ensure they focus enough money and time on sorting out their existing problems, before continuing to acquire more and more new brands.