Business for online shopping websites in
PayPal provides online payment alternatives for consumers via mobile phones or personal computers (PCs) in markets often blighted by poor banking penetration and financial fraud.
Starting today, consumers in
"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," Keeley said.
Once the services go live, customers in the 10 countries with access to the web and a bankcard authorised 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
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 e-commerce sites by Visa's CyberSource unit estimated that 1.26 per cent of online orders are fraudulent and that 85 per cent of merchants expected fraud to increase or remain static last year.
CyberSource also estimated that suspicion of fraudulent transactions result in 8.2 per cent of online orders in
A total of 80 million Internet users stand to gain access to PayPal global services this week, including those in five European markets -
PayPal has operated in 190 markets since 2007 and added three countries -
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