PayPal to offer its payment services in 10 new countries

Tuesday 17 June 2014 00:32 CET | News

PayPal is expanding its payment services in 10 new markets, including Nigeria, reports.

As such, there are around 80 million customers in the 10 countries in question who are to gain access to PayPal’s services. The countries in question are Nigeria, Belarus, Macedonia, Moldova, Monaco, Montenegro, Cameroon, Ivory Coast, Zimbabwe and Paraguay.

Via PayPal’s services, customers in the 10 countries with access to internet and a bank card authorized for online transactions will be able to register for a PayPal account and make payments to millions of websites worldwide.

Initially, PayPal is only offering send money services for consumers to pay for goods and services at PayPal-enabled merchant websites.

A 2013 survey of 200 UK ecommerce websites by Visas CyberSource unit estimated that 1.26% of online orders are fraudulent and that 85% of merchants expected fraud to increase or remain static.

CyberSource also estimated that suspicion of fraudulent transactions result in 8.2% of online orders in Latin America being rejected by merchants, as compared with 5.5% in Europe and 2.7% in the US and Canada.

Such fraud types can include ID theft, social engineering, phishing and automated harvesting of customer financial data via botnets, or networks of computers controlled by hackers.

PayPal counts 148 million active accounts worldwide.

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Keywords: PayPal, online payments, internet, bank account, ecommerce, merchants, Customers, online shopping
Categories: Payments & Commerce
Countries: World
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