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Vouchers & eCash for iGaming

The player buys a PIN at a corner shop or takes a barcode to the till, and your cashier gets a deposit that cannot be disputed, because the cash was paid before it reached you. That finality now has regulatory value, not just accounting value. This is the operator-side map: who owns each scheme, what the 8-15% acceptance fee (an industry estimate; no scheme publishes rates) actually funds, how to solve the no-payout problem, and which flows survive the EU's 2027 clampdown on anonymous prepaid.
1
Vouchers reviewed
4
PSPs that carry them
50+
Countries (widest network)

Providers that let you accept these

You don't contract with these methods directly; you turn them on through a PSP. These reviewed providers carry vouchers in their iGaming stack.

The economics: what the fee buys, and what the zero buys

A voucher deposit is pre-funded cash, so the dispute mechanic does not exist: no chargeback, no representment queue, no friendly-fraud writeoff. That used to be a cost saving; since April 2026 it is also threshold protection, because Visa's VAMP now flags merchants at a 1.5% fraud-plus-dispute ratio and every deposit you move from cards to vouchers leaves that calculation entirely. The price is steep: no scheme publishes merchant rates, but the acceptance fee has to fund a physical retail chain (retailer commission, distributor cut, issuer margin) before your PSP adds its own, which is why industry estimates land around 8-15%. You are paying corner shops to be your cash cages.

1.5%

Visa VAMP excessive-merchant threshold since April 1, 2026

Visa lowered the threshold from 2.2%, and it applies to merchants with 1,500+ fraud-plus-dispute events a month. Voucher deposits produce neither fraud reports nor disputes, so they dilute nothing and trigger nothing. For card-heavy books living near the threshold, shifting bet-regret-prone segments to cash methods is cheaper than any post-facto dispute tooling.

  • paysafecard

    Payouts: Yes
    Owner & issuance:
    Paysafe; issuance via Prepaid Services Company (UK, FCA) and Paysafe Prepaid Services (Ireland, CBI)
    How it funds:
    16-digit PIN from ~627,000 retail points in 50+ countries
    Payouts:
    Yes, via Payout API to a verified account

    The category leader, and the only voucher with a payout leg. For iGaming across most of Europe it is account-only now, and the anonymous PIN no longer reaches licensed European cashiers.

  • Paysafecash

    Payouts: No
    Owner & issuance:
    Paysafe
    How it funds:
    Reverse flow: cashier generates a barcode, player pays cash at the till (200,000+ POS, ~30 countries)

    Not a voucher but a cash rail. The code is transaction-bound, so limits run far higher than PIN products with no anonymous stored value.

  • Neosurf

    Payouts: No
    Owner & issuance:
    Founder-owned (Paris, 2004); vouchers issued by NS CARDS FRANCE, client funds via Andaria (Malta, MFSA)
    How it funds:
    Cash voucher from retail in 50+ countries; myNeosurf account on top

    Francophone Europe core plus an Africa footprint. Restructured operations in May 2026 for European and Americas expansion.

  • CashtoCode

    Payouts: No
    Owner & issuance:
    Funanga AG (Berlin). The 2024 takeover by The Payments Group Holding never closed; the buyer left payments in 2026
    How it funds:
    Barcode paid in cash at 550,000+ POS, or a 20-digit eVoucher (25-250 EUR/USD) from online resellers

    Barcode beats PIN on user error and credits instantly; sold as fully indemnified. MiFinity wallets top up through the same network.

  • Flexepin

    Payouts: No
    Owner & issuance:
    Novatti Group (ASX: NOV) via Flexewallet (AU, NZ) and Flexe Payments (Malta, UK)
    How it funds:
    16-digit cash voucher, $20-500 denominations

    Canada is the strongest market (Canada Post, 7-Eleven and 15,000+ Now Prepay tills). Parent Novatti has been selling non-core assets; watch the roadmap.

Retail-network counts throughout this page are the schemes' own published figures; treat them as vendor numbers rather than a census.

Except for paysafecard's account-based Payout API, vouchers cannot receive winnings, so every voucher player needs a second method at cashout, with full KYC landing at the most sensitive moment of the relationship. UK AML guidance explicitly treats flows that cannot return funds to the deposit method as a risk factor, so write the pairing down: voucher in, named bank account or wallet out, verification before the first withdrawal, no exceptions for VIPs.

The products, one by one

paysafecard

The category leader, now account-first

  • Structure: the Vienna-based paysafecard.com Wertkarten GmbH is the product holding, while actual e-money issuance sits with Prepaid Services Company Ltd (UK, FCA-regulated since 2008) and Paysafe Prepaid Services Ltd (Ireland, Central Bank of Ireland). Retail reach is roughly 627,000 points of sale across 50+ countries.
  • The anonymous PIN is functionally dead for licensed gambling: Paysafe's official limits document makes sports betting and iGaming account-only in 21 European countries (Germany since October 2020), and Italy, Greece and Portugal require an account for any payment. The Classic PIN itself caps around EUR 50 per transaction (GBP 40 in the UK) wherever it remains usable.
  • Account tiers are the real product: simplified-KYC accounts top up to EUR 500 a month with lifetime caps, full-KYC accounts run unlimited annual turnover with EUR 1,000 per transaction and EUR 5,000 balance. In April 2026 the account became PaysafeWallet, an IBAN-plus-card wallet rolled out across 18 European markets, completing the PIN-to-wallet migration.
  • The only voucher with a payout leg: the Payout API returns winnings to a verified account, which restores something close to a closed loop and is the main compliance argument for preferring paysafecard over PIN-only rivals.
  • Player-protection tooling operators inherit: an account-level gambling block by merchant category with a 48-hour cool-down on deactivation.
  • Reviewed in detail in our methods catalog; scale context: Paysafe last disclosed standalone eCash revenue in 2021 ($406M, then about 27% of the group), and the segment now reports inside Digital Wallets ($814.7M in FY2025).
Paysafecash

Not a voucher: the barcode cash rail

  • The flow runs backwards from a voucher: the player starts the deposit at your cashier, receives a barcode, and pays cash at a till. Paysafecash is available in about 30 countries at 200,000+ points of sale, including 60,000+ in the US (7-Eleven, Dollar General and others).
  • Because the code is bound to a specific transaction and account, there is no anonymous stored value, and limits run far higher than PIN products. It is the compliance-friendly way to keep serving cash players as AML rules squeeze anonymous prepaid.
  • Direct competitor to CashtoCode's barcode product; if your PSP carries one, ask about the other and price them against each other.
Neosurf

Founder-owned French voucher with an Africa footprint

  • Still the founder-owned Paris company (est. 2004), with no private-equity owner. Vouchers are issued by NS CARDS FRANCE SAS, and client funds run through Andaria Financial Services (Malta, MFSA-licensed).
  • Neosurf vouchers are sold in 50+ countries and accepted on 20,000+ sites. The Africa leg (neosurf.africa, distribution through Wari's network in francophone West Africa) pairs well with markets where card gambling fails.
  • May 2026 restructuring put the company on an expansion footing for Europe and the Americas, with a new settlements-and-compliance leadership mandate earlier in the year: signs of a scheme investing, not harvesting.
  • Australian volume exists but flows to offshore casinos (online casino is illegal domestically as a class). Regulators there have taken no action against Neosurf itself. The myNeosurf account consolidates balances but cannot pay them out, so Neosurf has no payout leg.
CashtoCode

Barcode-first, and still Funanga's

  • Ownership is the fact to get right in 2026: the widely reported 2024 acquisition by The Payments Group Holding never closed: the buyer renegotiated in late 2025, then dropped payments from its portfolio and renamed itself German Tech Holding in May 2026, without a formal termination ever being announced. Funanga AG (Berlin, CEO Jens Bader) remains with its original shareholders.
  • Two products under one brand: the barcode flow (code generated at your cashier, cash paid at 550,000+ POS by Funanga's own count, instant credit, sold as fully indemnified) and the eVoucher, a 20-digit code in 25-250 EUR/USD denominations sold through accredited online resellers.
  • The barcode model beats PIN entry on user error and beats the voucher model on AML posture, since the code is transaction-bound rather than a bearer instrument. It rides existing prepaid POS infrastructure (epay and peers) rather than building its own.
  • Ecosystem note: MiFinity wallets top up through CashtoCode's network, so the same rail feeds both a voucher flow and a wallet flow at your cashier.
Flexepin

Canada's cash voucher, with a parent in transition

  • Product of Novatti Group (ASX: NOV) through regional entities: Flexewallet in Australia (AFSL 448066) and New Zealand, Flexe Payments in Malta for the EEA and in the UK. A 16-digit cash voucher in $20-500 denominations, no payout leg.
  • Canada is the strongest market: distribution through Canada Post, 7-Eleven and UPS Store via Payment Source, plus the 15,000+ tills of the Now Prepay network. That makes it the default cash rail for Canadian-facing books alongside Interac.
  • The Australian terms are unusually explicit on limits: up to 10 vouchers a day, $5,000 maximum holdings, a $30 redemption fee and a $4 monthly admin fee after the use-by date. They ban illegal use but not gambling as such; domestic application is offshore-casino traffic in practice.
  • Counterparty watch: Novatti has been divesting non-core assets through 2025-26 (Emersion sold, AUDC stake sold) while refocusing on ANZ payments. No Flexepin sale is announced, but the direction of travel makes the voucher business a divestment candidate; recheck before long integrations.
The rest of the shelf

CASHlib, Jeton Cash, and a dead voucher

  • CASHlib: EU voucher scheme sold in 10+ countries (France, Belgium, Spain, the Netherlands, Germany and more), distributed by Prepaid Optimal Solutions and Fenix Technology as e-money distributors of Sureswipe EMI (Central Bank of Cyprus).
  • Jeton Cash: a 19-digit voucher that tops up the Jeton wallet rather than paying merchants directly. The wallet runs under UK and Cypriot e-money entities, but the JetonCash terms reference a Georgian LLC, a structural duality worth flagging to compliance before you lean on it.
  • AstroPay card: discontinued December 16, 2024, with the voucher business passed to iCash.One. AstroPay itself is now a multi-currency wallet (see the e-wallets hub). The pattern matters more than the product: the same PIN-to-account migration paysafecard ran is how this category ends everywhere regulation tightens.

The regulatory clock on anonymous cash

EUR 150 / EUR 50

AMLD5 caps on anonymous prepaid: stored value / online transaction

The EUR 50 remote-payment cap is why anonymous PINs stopped reaching licensed cashiers. From July 10, 2027 the EU AML Regulation adds a ban on acquiring anonymous prepaid cards issued outside the EU. Account-based voucher flows clear that bar; bearer instruments are the target.

Read the category through the major regimes. In the EU, AMLD5 already caps anonymous prepaid at EUR 150 stored value and EUR 50 per online transaction, which is the legal root of paysafecard's account-only gambling policy, and the AML Regulation tightens the screw from July 2027. Germany allows vouchers at GGL cashiers, but only through verified accounts, and the LUGAS deposit cap of EUR 1,000 a month applies regardless of method. The UK has no ban, though the Gambling Commission's money-laundering risk bulletins (most recently October 2025) class prepaid vouchers as high-risk for anonymity, cash loading and credit-card-ban circumvention, and remind operators they cannot outsource customer checks to the payment provider. Australia never banned vouchers either, but the 2024 prohibition on credit and crypto for licensed wagering came with a ministerial power to add further credit-linked products, online casino remains illegal as a class, and ACMA had blocked 1,708 offshore sites by May 2026, which is where the voucher volume actually goes. Ontario sits at the permissive end: standards-based rules, no prepaid prohibition, paysafecard live at licensed brands as a deposit-only method.

Fraud patterns that ride cash rails

Voucher fraud mostly happens before the deposit. The dominant pattern is social engineering: a victim is talked into buying vouchers and reading the PIN over the phone, a scam category big enough that paysafecard maintains a public case catalog and Action Fraud tracks it in the UK. The second is smurfing, converting illicit cash into many small vouchers under AML thresholds, which the UK regulator documents as a live typology for gambling. Neither creates chargebacks, which is why the residue lands on you as source-of-funds contamination and I-did-not-make-this-deposit complaints instead. The schemes mitigate upstream with country-locked PINs, forced accounts for gambling merchants, tier limits and 24/7 PIN blocking; your side of the deal is velocity rules on voucher deposits, earlier source-of-funds triggers than you would run for cards, and holding the first cashout until verification clears. And keep one UKGC warning in view: prepaid instruments must not become the workaround for the credit-card ban.

How you actually switch them on

Every brand here reaches your cashier through a PSP or APM aggregator; the providers listed above this section carry them in their iGaming stacks, with Paysafe, as on the e-wallet side, the special case that owns the flagship scheme outright, which makes it the shortest route to paysafecard plus Paysafecash on one contract. Direct scheme agreements exist for volume and unlock the pieces aggregators sometimes skip, like the paysafecard Payout API. The wallet crossover is worth knowing too: MiFinity wallets top up through CashtoCode's POS network and run their own eVoucher, so one cash rail can feed both a voucher flow and a wallet flow at your cashier. Price barcode against PIN (CashtoCode and Paysafecash against classic vouchers) rather than treating cash as one line item, and if Canada matters, get Flexepin and Interac priced side by side; the broader map lives in the payment methods guide and the Europe and North America region pages.

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  • Corporate

    Paysafe's growth halves while its iGaming volume accelerates

    Second-quarter revenue rose 4% to $447.4 million against a net loss of $58.9 million, down from 10% growth a quarter earlier. iGaming ran the other way: Merchant Solutions iGaming was up 17%, with processing volumes above 25% year on year in June and above 30% in July. Digital Wallets revenue grew 3% but wallet EBITDA fell 9%.

    Paysafe Q2 2026 results · Paysafe investor relations