Ukash Offers New Cash Withdrawal Service

April 15, 2013

A recent deal between Ukash and PayPoint will now allow customers of the former to make cash withdrawals. These withdrawals will be available at any of the 24,000 locations under the retail payment provider’s network. Before this deal, Ukash users were only allowed to make deposit payments; this was particularly inconvenient for online poker players wanting to withdraw their earnings. CEO David Hunter, in a media segment, explained that this move was made with the intention of providing higher flexibility for its consumers. He also stated that this was intended to provide greater appeal for electronic commerce retailers who would now consider adding Ukash to their payment options.

Ukash services is owned and operated by Smart Voucher Limited as an electronic money institution. This is under the regulatory auspices of the United Kingdom Financial Conduct Authority, FCA. It has garnered recognition by winning the Queen’s Award for Enterprise in two consecutive years, 2011 and 2012. It has also made the Times List of the UK’s 100 fastest growing companies placing at an impressive 23rd spot.

The Ukash system allows online transactions without the need for a bank, debit, or credit card. The user purchases a unique identifier which is a 19-digit code that enables them to transfer funds online. Their e-wallet model is especially targeted towards people who would rather transfer funds online without providing personal information. This reduces the chances of identity and financial fraud on the part of their users. Although Ukash does not require personal information for usage, the online gaming sites have their own monitoring tools to check for money laundering activity. This model restructuring is going to allow Ukash to offer a more comprehensive payment processing service that can rival that of its main competitor –NETELLER.


Comments are closed.