PLAYSPAN acquires PayByCash

Mumbai, July 17 (ANI/Business Wire India): Silicon Valley based PLAYSPAN Inc. has acquired PayByCash the leading alternative payment system for online games, virtual worlds and social networks.

Together PlaySpan and PayByCash creates one of the fastest growing commerce and payment services companies supporting game publishers' need for a complete commerce and payments 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, supporting over 200 countries.

The Ultimate Game CardT, 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 is 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 it," 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 micro-transaction revenues," Kevin added.

PayByCash will continue to operate as an independent brand 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 beginning to grow from other parts of the world.

Finally, in August, PayByCash's release of PaxGuardT will herald exciting innovation in fraud protection.

"The shift from boxed games on retail shelves to in-game micro-transactions as the preferred method of monetization is just starting," said Shawn Carolan, Managing Director at Menlo Ventures.

"So to see the two leaders come together and combine their already significant customer and revenue momentum is an investor's dream come true," added Shawn. (ANI)