PayByCash acquisition
Online payment provider bought by in-game commerce people PlaySpan. For cash, we hope.
SANTA CLARA, Calif. - July 15, 2008 Silicon Valley based PlaySpan Inc. ( www.playspan.com) has acquired PayByCash ( www.paybycash.com) the leading alternative payment system for online games, virtual worlds and social networks. Together PlaySpan and PayByCash create one of the fastest growing commerce and payment service companies supporting game publishers’ need for a complete commerce and payment platform in the rapidly growing market of online games and interactive entertainment.
PayByCash is one of the most trusted payment brands for top-tier game publishers and millions of gamers worldwide. As a payment gateway, PayByCash provides the broadest network of 70 different payment methods, supported in over 200 countries. The Ultimate Game Card™, PayByCash’s pre-paid card, can be used for all of its merchant clients and is fast becoming the most popular payment method among hard-to-reach gaming demographics.
“PayByCash’s 10 year reputation in the global game industry, operational experience of millions of transactions each year and the trust of millions of gamers make the service a great addition to our in-game marketplace platform,” said Karl Mehta, Founder and CEO of PlaySpan. “We are excited about the synergies of our businesses and will continue to promote PayByCash’s global payment platform to our publisher partners worldwide”.
“PlaySpan and PayByCash have complementary missions. PayByCash handles payments from consumers across the globe, and PlaySpan gives publishers a place for gamers to spend,” said Kevin Higgins, president of PayByCash. “We believe that our publisher partners will continue to benefit from our strong operational and global expertise to drive their microtransaction revenues.”
PayByCash will continue to operate independently as a leading online payments solution with offices in Charlottesville, Virginia and Cincinnati, Ohio. Demand for their Ultimate Game card continues to escalate, with more and more major retailers stocking the card in the US and Canada, and requests are beginning to come from other parts of the world. In August, PayByCash’s release of PaxGuard™ will herald an exciting innovation in fraud protection.
“The shift from boxed games on retail shelves to in-game microtransactions as the preferred method of monetization is just starting,” said Shawn Carolan, Managing Director at Menlo Ventures. “So to see two leaders come together and combine their already significant customer and revenue momentum is promising. It’s an investor’s dream come true.”
About PlaySpan
PlaySpan™ is the game industry's first publisher-sponsored in-game commerce network. PlaySpan's patent-pending in-game search, commerce and micropayment technologies enable game publishers and developers to generate new revenues, acquire new users and extend the loyalty of existing users. Leading game providers and virtual world publishers have selected PlaySpan as their official marketplace for virtual goods commerce.
PlaySpan is based in Silicon Valley with offices in Mumbai and Shanghai. Investors include Easton Capital, Menlo Ventures, STIC and Novel TMT Ventures.
About PayByCash®
PayByCash has been empowering non-credit card customers and the Internet businesses that want to reach them since 1998. PayByCash serves merchants who understand the importance of allowing any customer anywhere in the world to use the payment method they prefer, in their own currency, to buy goods and services online.
As a full service payment processor, PayByCash handles all the payment-related customer support, foreign exchange complexity and risk, fraud protection, and maintenance of a constantly growing number of payment system integrations, while providing simplified reporting and accounting to their merchant clients. They have become the easiest and most cost-effective way to receive payments from around the world.
Chris Schmidt, Odyssey Public Relations
(415) 955-8513
chris@odysseylabs.com