Interview with Martin Waldenstrom, CashU
“We currently serve more than 500,000 online users.”
Despite the ever increasing global market of online shoppers, there is a large sect of people that are still hesitant of sharing their credit card information on the Internet. And groups like Anonymmous and Lulzsec, who attacked Sony and other big companies earlier this year, has left them with not a lot of reasons to trust it anytime sooner. This is where services like cashU step in. CashU is an alternate online payment method that allows its user to easily and safely shop online using a prepaid card, that can be quickly topped and used again.
To know more about the service, we caught up with CEO Martin Waldernstorm who gives a more detailed look into how the service work.
Could you tell us more about the service offered by CashU?
cashU is an online Payment Service Provider who offers an alternative online purchasing method that is secure, accessible, and easy to use.
How does CashU differentiate itself from other such services offered by other companies?
cashU is built on the most sophisticated and up to date fraud prevention system reducing the online payments’ risks for both buyers and sellers. In addition, cashU offers everyone the ability to buy online with no discrimination on age, nationality, banking contacts or credit card availability.
From where can consumers buy CashU cards, and in what capacities?
The cashU cards are available in more than 4,500 POS across the Middle East, GCC and North Africa and are currently being sold in big retail stores such as Jarir, MEED and Arasoft in Saudi Arabia, RadioShack, The Mobile Shop and The Computer Shop in Egypt. In addition; a user can add funds to his account directly and without the need of purchasing a refill coupon through many vendors we have such as UAExchange in the UAE, Bahrain and Qatar, UAPS Kiosks in UAE, Fawry POS network in Egypt.
CashU powers payments for various categories of online shopping, which demographic has been your biggest user?
Currently most of our users are males between 15-35 years old whom are using cashU as an online payment solution for online games, web hosting services, TV subscriptions in channels like Abu Dhabi Sports channel and Al Jazeera sports channel.
How many users does CashU currently serve? Could you tell us about their spending habits?
We currently serve more than 500,000 online users whom are using cashU to make online payments in more than 7,000 merchant website we are affiliated with. More than 30% of our users are paying in online games.
CashU cards can be used for online games like World of Warcraft, are there any local online games the cards can be used with?
There are many online games developed and/or localized by companies in the region; such as Rappelz which is localized to Arabic by GamePower7, Tahadi.com games such as Ragnarok, Runes of Might and Heroes of Gaia, Wizards Production games such as Arabic Mafia and 7oroob.
Consumers are still hesitant about shopping online. What does CashU does to alleviate that problem?
Our prepaid model offers a level of security and spending control that others don’t. In addition; not needing to provide any personal information offers a sense of privacy for users.