Paypal, an online payment platform owned by eBay has announced its expansion into ten more countries this week, including Nigeria, Cameroon, Ivory Coast and Zimbabwe.
The addition would increase the number of countries Paypal operates in to 203. Starting from today, June 17th users in five European markets – Moldova, Monaco, Montenegro, Macedonia, Belarus; four African countries – Nigeria, Zimbabwe, Cameroon, Ivory Coast and Paraguay.
In an interview Rupert Keeley, Executive in charge of EMEA region of Paypal in an interview on Monday curated by Reuters.
“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,” Rupert Keeley said.
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.
It is however good to remember that Paypal was originally in Nigeria but had to be withdrawn due to the numerous fraudulent activities happening on the Platform. Will Paypal have any effect on already popular payment and transaction platform, Interswitch and other platforms?
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