Paysafe has been making payments happen for more than 25 years. It has around 3,200 employees and five office hubs across three continents. The focus at Paysafe is to turn transactions into experiences. Bob Legters, Chief Product Officer at Paysafe, took the time to discuss how the payments industry can help to transform the experience economy, which has been steadily growing in recent years, driven in part by the influence of social media. He also speaks about how Paysafe is removing barriers for customers and how he sees the payments industry progressing.
Tell me more about Paysafe and the services it offers.
Paysafe is a global payments company focused on connecting businesses and consumers across multiple payment platforms. We offer digital wallets like Skrill and NETELLER, which provide fast, secure and flexible online payments. We also specialise in payment processing, helping businesses accept a wide range of payment methods, whether online or in-store. Additionally, we provide online cash solutions via PaysafeCard and PaysafeCash, which allow consumers who have a preference for cash to transact online without needing a bank account or credit card.
Beyond just processing payments, we help businesses expand globally, manage risk and stay compliant in a fast-changing regulatory landscape. Whether it’s enabling seamless cross-border transactions or protecting businesses against fraud, we ensure payments are simpler, more secure and optimised for growth.
What makes you different from other payment companies?
Our unwavering focus on turning transactions into meaningful experiences. Payments are more than just a transaction – they are the starting point for experiences, opportunities and accomplishments. This philosophy drives our continuous innovation and our ability to anticipate and meet the evolving needs of our customers.
What truly sets us apart is our deep specialisation in the experience economy with industries like iGaming, video gaming, travel and airlines, retail and hospitality, as well as digital goods and financial services. We’ve built extensive expertise in these sectors, enabling us to provide tailored solutions that address their unique challenges. We handle complex payment needs, particularly in regulated markets, and offer alternative payment methods beyond traditional credit cards. This allows us to serve a wide range of customers with diverse payment preferences and needs to enjoy secure, seamless and industry-specific payment solutions.
How is Paysafe removing barriers for consumers?
Our goal is to simplify digital transactions and create a seamless payments experience for everyone – whether it’s a business looking to optimise checkout or a consumer wanting fast, secure and flexible payment options.
We offer a broad range of payment methods, from traditional card processing to digital wallets and online cash solutions, ensuring that merchants can meet the needs of their customers, no matter their preferred way to pay.
We know that security is key to consumers, so we prioritise advanced security measures and fraud prevention to build trust and confidence in digital transactions. Simultaneously, we are constantly evolving our solutions to remove friction. At the end of the day, it’s about making payments as easy, secure and efficient as possible while keeping up with the rapidly changing expectations of both consumers and merchants.
How is Paysafe transforming the experience economy?
We are redefining the role of payments in creating meaningful connections between businesses and their customers. Every memorable experience begins at the moment of payment – when customers place their trust in a brand. While transactions happen in an instant, their impact lasts, shaping customer perceptions and fostering loyalty.
Our technology powers seamless, secure payments that enhance the overall experience, whether for small local businesses or global brands. By ensuring frictionless transactions, we enable businesses to focus on delivering exceptional products and services – allowing customers to remember the experience, not the checkout process.
We see each payment as more than just a transaction; it’s an opportunity to inspire joy, achievement and connection. By helping businesses capitalise on these moments, we drive momentum, turning transactions into revenue streams and businesses into success stories.
How is the experience economy changing?
The experience economy has been steadily growing in recent years, driven in part by the influence of social media. Consumers today have instant access to visual insights into other people’s adventures, fuelling a desire to seek out and share their own experiences. This is amplified by the gratification of virtual approval – likes, emojis and comments – creating a cycle where experiences become more valuable when they can be shared and celebrated online.
According to our latest consumer research report, Inside the Wallet, 37% of consumers increased their spending on experiences in 2024. This highlights a clear shift in consumer priorities, with more people choosing to invest in memorable moments rather than just material goods. Businesses that prioritise seamless, engaging and frictionless customer experiences – starting from the payment process – will be best positioned to thrive in the evolving experience economy.
How important is AI and Machine Learning to Paysafe?
Incredibly important as they allow us to drive great efficiencies. However, in the current AI frenzy, it can be tempting to rush to create solutions to feel like you’re driving forward in the name of innovation. In reality, you’ve got to focus your AI and Machine Learning efforts around value creation and establishing a clear business case.
As an example, we’ve developed an internal AI tool called Ask Paysafe. It integrates with Microsoft Teams and uses GPT-4 to support thousands of daily chats across the company and enhance our team’s efficiency. Additionally, AI is also enabling us to create more innovative and well-rounded products and
services. AI-enabled technologies such as biometric and behavioural analysis have allowed us to create a payments ecosystem that is truly more secure and frictionless.
What are the main challenges in helping consumers in the payments industry?
The payments industry is constantly evolving, and one of the biggest challenges is keeping up with shifting consumer preferences. People are looking for seamless, low-friction payment options that give them more control. Simultaneously, security is a major concern – especially in today’s economic climate – where consumers are increasingly cautious about fraud and data protection.
Emerging technologies like AI present opportunities for greater efficiency, but many consumers are hesitant to adopt them due to a lack of understanding. Educating users and building trust in these innovations is key. Economic pressures also play a role, influencing spending habits and pushing providers to offer solutions that support better financial management.
Finally, small businesses face unique challenges in delivering the same seamless and secure payment experiences that consumers expect from larger enterprises. Helping these businesses implement effective payment solutions is critical for their growth and customer satisfaction.
Tell me more about your career.
I joined Paysafe in 2023 and have recently taken on the role as Chief Product Officer, bringing over two decades of experience in financial technology and payments innovation. In my current role, I lead product strategy and monetisation for consumer products globally.
Prior to joining Paysafe, I held several key positions in the financial services space as a chief data officer for banking and merchant services globally and as the chief product officer for a suite of over 400 products for banks, merchants and consumers. I have also supported industry leading loyalty programmes, award-winning client servicing groups and international operational groups supporting the FinTech industry. I have spent over 25 years handling every aspect of financial services and worked with every payment method from cash and checks to Apple Pay and crypto with dozens of teams around the world.
Where do you see the payments industry progressing next?
The payments industry is evolving rapidly, driven by technological innovation and changing consumer expectations. One major trend is the regional adoption of real-time payments, particularly in APAC and LATAM, where strong mobile penetration and government support are accelerating growth. In contrast, markets like the US and UK are adopting these solutions more gradually due to existing infrastructure and consumer habits.
Another key development is the rise of brand-owned digital wallets, especially in sectors like gaming and retail. Businesses are leveraging these wallets to enhance customer loyalty, streamline payments and offer embedded, multi-currency experiences. Additionally, the growing popularity of account-to-account (A2A) payments reflects consumers’ desire for low-friction, direct transactions that offer greater control and faster settlements.
Ultimately, the industry is moving toward more efficient, seamless and user-friendly payment experiences. Companies that stay ahead of these trends will be best positioned to meet the evolving needs of both businesses and consumers.
How does Paysafe keep up with the rate of change within technology?
By integrating advanced technologies and maintaining a steadfast focus on our clients and their needs, we remain at the forefront of the rapidly evolving payments landscape, delivering secure, efficient and innovative solutions that drive success for businesses worldwide.
Our commitment to customer success is deeply ingrained in our company culture. We view our clients as partners on a shared journey of growth and innovation. This philosophy has earned us the trust of our clients over the past 25 years, and we continually strive to exceed their expectations by delivering tailored solutions that address their unique needs.
