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Paysafe to Power Digital Payments on Microsoft Store on Xbox; Street Sees 41.5% Upside

Digital commerce solutions provider Paysafe (PSFE), through its eCash payment solution – paysafecard – will now enable online cash transactions on Microsoft (MSFT) Store on Xbox. The service is available across 22 European countries to millions of users.

Udo Muller, CEO of paysafecard said, “Integrating paysafecard on Microsoft Store on Xbox will provide an important alternative payment method for millions of customers.” (See Paysafe stock chart on TipRanks)

Trevor Nies, Sr. Director of Global Payments & Risk at Microsoft, added, “After integrating paysafecard for Microsoft Store and Xbox.com at the end of last year, it was clear that we wanted to extend this to the game console as well. By offering paysafecard as a payment method we are able to provide cash-based customers access to our digital content on Xbox consoles through a reliable, easy and secure alternative payment method.”

The integration of paysafecard on Xbox is the latest in the multi-faceted collaboration between the two companies. Recently, Paysafe made use of Microsoft Azure’s solutions for its U.S. payment processing services.

Interestingly, through its 650,000 points of sale, paysafecard enables users to use cash for online transactions without any requirement for their bank account or credit card data.

On June 28, Cowen & Co. analyst Georgios Mihalos initiated coverage on the stock with a price target of $15 (24.9% upside potential).

Mihalos noted Paysafe’s different revenue streams as a major differentiator and believes that the company has a large opportunity to cash in on the high growth yet nascent U.S. internet gaming market.

Based on 7 unanimous Buys, consensus on the Street is a Strong Buy. The average Paysafe price target of $16.71 implies 39% upside potential. Shares are up 20.7% over the past year.

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