PayFair new CEO to Drive Development of the new European Payment Scheme

LONDON, January 14, 2011 /PRNewswire/ --

- Payment Expert Appointed to Drive PayFair's Continued European Expansion

PayFair, the European payment scheme providing consumers, merchants and banks with next generation electronic payments has announced the appointment of electronic payment expert Stephan Becker as new Chief Executive Officer. With over 20 years' experience, Stephan's initial focus will be to increase PayFair's uptake by banks within the SEPA world and continuing the expansion throughout Europe and globally.

PayFair is the new SEPA compliant payment scheme offering a European alternative to other schemes such as MasterCard and Visa that are well established in the payments arena. PayFair's business model is organised around a SEPA and PSD-compliant system that allows it to make payments simpler, faster and safer. PayFair differentiates itself from the competition through the cost, speed and security of its service. Card fraud is often e-payment related with customers complaining that current systems are not safe enough and payment processes are too long and complicated. Merchants are asking for reliable and affordable payment means and banks are struggling with higher costs related to fraud damages. PayFair is easy to enrol and implement within a current system giving consumers comfort and security while providing banks with an efficient alternative that secures the profitability of their card payment activities.

Dominique Buysschaert, Founder & President of PayFair Group said, "We are delighted to bring Stephan on board. His knowledge and expertise within the international payment sector will be a real asset for our development. Our current focus is to secure issuing banks across Europe and Stephan's expertise within this sector is a perfect fit in driving our expansion plans."

Stephan Becker said, "With growing demands on compliance, competitiveness and security, PayFair is ideally positioned to succeed within the competitive world of electronic payments. I know how fast innovative and flexible smaller companies can react to market demands. I am looking forward to using my experience to enable PayFair to be the real European alternative to other initiatives like EAPS and Monnet whilst also challenging US schemes such as MasterCard and Visa."

Prior to joining PayFair, Stephan has previously worked in the Payment Industry for firms like Pluscard, First Data and MasterCard. He also acts as an independent consultant to a number of payment service providers advising on strategic management and product development.

About PayFair

PayFair is the new SEPA compliant European payment scheme. Founded in 2007, it has been developed by an independent group of entrepreneurs and experts from the financial, IT and retailing sectors. PayFair offers a complete end-to-end and already operational system that can manage payments transactions from start to finish. As cards, mobile and electronic transactions are rapidly replacing cash as the primary payment tool in Europe, PayFair comes up with innovative solutions and provides everyday convenience to consumers, banks and merchants facilitating fast, safe and efficient payments. PayFair partners with all market players to promote real transparency, great price competitiveness and profitable payment activities in an open market environment.

    For further information visit http://www.payfair.eu

    Press contact

    Metia
    Clare Anderson
    p: +44(0)20-3100-3601
    e: [email protected]

SOURCE PayFair