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PayPal debuts in local market

17 June 2014, 16:10

Abuja - Millions of local consumers can now make payments and purchases following the expansion of PayPal services to 10 new countries this week.

The 10 new markets where PayPal is extending its services to includes Belarus, Macedonia, Moldova, Monaco and Montenegro, Paraguay Cameroon, Ivory Coast, and Zimbabwe,  Paraguay and Nigeria.

PayPal says it would be providing online payment alternatives for consumers via mobile phones or personal computers in the markets often blighted by financial fraud.

Nigeria is rated among several other countries with high record of card payment fraud.

With the commencement of PayPal service in the  country, over 60 million consumers in Nigeria would now be able to register for a PayPal account and make payments to millions of sites worldwide.

Initially, PayPal would only be offering ‘send money’ services for consumers to pay for goods and services at PayPal-enabled merchant sites while safeguarding their financial details.

This would be free to consumers and covered by fees being charged 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 however said that the current service does not yet cover peer-to-peer transactions, which allow consumers to send money to other consumers.

The firm also said that it had not yet enabled local merchants in the new markets to receive payments, nor is it offering other forms of banking services.

- CAJ News

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