I get the expression on your face when denied
Paypal Payment services, worry no more, Payment has now been made easier.
PayPal, on Monday revealed plans to
extend their payment service to Nigeria and 9 other new countries, providing
online payment alternatives for consumers via mobile phones or PCs.
In an interview on Monday, Rupert Keeley,
the executive in charge of the EMEA region of PayPal, the payments unit of eBay
Inc, said the expansion would bring the number of countries it serves to 203.
Beginning from Tuesday, consumers in
Nigeria, which has 60 million users and has Africa's largest population, along
with nine other markets in sub-Saharan Africa, Eastern Europe and Latin America
will be able to make payments through PayPal.
Keeley said, "PayPal has been going through a
period of reinvention, refreshing many of its services to make them easier to
use on mobile (phones), allowing us to expand into fast-developing
markets,".
Once the services go live, customers in
the 10 countries with access to the Web and a bank card authorized for Internet
transactions will be able to register for a PayPal account and make payments to
millions of sites worldwide.
Initially, PayPal is only offering
"send money" services for consumers to pay for goods and services at
PayPal-enabled merchant sites while safeguarding their financial details. This
is free to consumers and covered by fees it charges merchants.
"We think we can give our sellers
selling into this market a great deal of reassurance," said Keeley, a
former regional banking executive with Standard Chartered Plc and senior
executive with payment card company Visa Inc.
PayPal does not yet cover peer-to-peer
transactions, which allow consumers to send money to other consumers. It has
not yet enabled local merchants in the new markets to receive payments, nor is
it offering other forms of banking services, he said.
A 2013 survey of 200 UK ecommerce sites
by Visa's CyberSource unit estimated that 1.26 percent of online orders are
fraudulent and that 85 percent of merchants expected fraud to increase or
remain static last year.
CyberSource also estimated that
suspicion of fraudulent transactions result in 8.2 percent of online orders in
Latin America being rejected by merchants, compared with 5.5 percent in Europe
and 2.7 percent in the United States and Canada.
Such fraud can include ID theft, social engineering, phishing and automated
harvesting of customer financial data via botnets, or networks of computers controlled by hackers.
A total of 80 million Internet users
stand to gain access to PayPal global services this week, including those in
five European markets - Belarus, Macedonia,
Moldova, Monaco and Montenegro, four in the African nations of Nigeria,
Cameroon, Ivory Coast, and Zimbabwe, as well as
Paraguay. Internet usage figures are based on research by Euromonitor
International.
PayPal counts 148 million active
accounts worldwide.
Last week, MasterCard Inc, the world's
second-largest debit and credit card company, and a PayPal rival in payment
processing, said it was working with the Nigerian government on a pilot to
overlay payment technology on a new national identity card.
PayPal has operated in 190 markets since
2007 and added three countries - Egypt, Georgia and Serbia last year. Roughly a
quarter of the $52 billion in payment volumes PayPal reported in the first
quarter of 2014 were for cross-border transactions. PayPal reported $1.8
billion in revenue during the period.
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