Finally it’s official- Paypal is now available in Nigeria and 9 other countries. It’s undoubtedly the best news for many Nigerian Blogger, Business owners and Entrepreneurs because Paypal is world’s largest payment processor.
The other 9 countries where Paypal has extended its service are 3 African nations – Cameroon, Ivory Coast, and Zimbabwe and five European Nations — Belarus, Macedonia, Moldova, Monaco and Montenegro and also Paraguay.
Users in above mentioned countries can now use Paypal legally in their countries but still they will have to face certain limitations.
The Original Blog Post that Appeared on Official Paypal Blog was:
The original promise behind PayPal was to give people more direct control over their money. This wasn’t a promise we were making to a few. Our mission was to change the way the world thought about and used money. Over the years, hundreds of millions of people have come to share in that promise. This week we reached a major milestone on our global journey. Starting from today we will be rolling out PayPal to ten new markets, taking the total number of markets we serve to 203.
Over 200 markets now enjoy a safer and easier way to pay online.
For the people of Belarus, Cameroon, Côte d’Ivoire, Macedonia, Moldova, Monaco, Montenegro, Nigeria, Paraguay, and Zimbabwe, this will not be the first time they have had access to global commerce. As technology continues to break down barriers, the world is getting smaller. We can buy the things we want from almost anywhere in the world and many people in these ten markets rely on overseas websites to get access to the goods and services they can’t find at home.
The problem is that people are understandably wary of providing credit or debit card information to a storeowner they don’t know who operates in a distant country. For the sellers too, accepting credit or debit card payments from buyers in a market they know little about can feel like a risk.
Now, by registering for a PayPal account, the people in these ten markets can shop online at millions of websites with the peace of mind that comes from knowing we don’t share their financial information with any merchant.
And, if something does go wrong – a product doesn’t arrive or doesn’t match the seller’s description, for example – they have the added assurance that they may be reimbursed the cost of the purchase and the postage on eligible items, thanks to PayPal Buyer Protection.
Of course, this is all great news for businesses as well. Ten new markets means more opportunities for businesses to sell their goods and services backed by the reassurance of one of the world’s most trusted ways to make and receive payments.
Why these markets and why now, you might ask? It takes a lot of careful planning and preparation to enter a new market, and we take our responsibility to manage people’s money very seriously. We believe we can seamlessly integrate these markets into our platform and provide the investment and resources needed in things like customer service. More importantly, we believe there is demand. Demand for a safer way to pay and take part in the global commerce revolution.
We’re delighted that we can be there to help and to continue to deliver on our promise.
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What’s the Limitation?
Paypal account holders in newly added countries can only send money using your Paypal Account. It means they can pay their amount on merchant website through their paypal account but it will use their credit or debit card.This is a major limitation.
It means, paypal users in these countries can’t send money directly to other Paypal users. In the same way, they can’t receive money directly with their paypal account. Actually, they are just checking how everything works before giving full access to their services.
This entry on Reuters would clear your concept a little better
PayPal is entering 10 new countries this week, including Nigeria, providing online payment alternatives for consumers via mobile phones or PCs in markets often blighted by financial fraud.
Rupert Keeley, the executive in charge of the EMEA region of PayPal, the payments unit of eBay Inc, said in an interview on Monday the expansion would bring the number of countries it serves to 203.
Starting on 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.
“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 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.
Brighter Part of this Decision of Paypal
No doubt, Paypal has introduced its limited services in 10 countries including Nigeria but still it’s the beginning of future. The world would become a global villege. This is undoubtedly a good news for these countries.
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Should you Ditch your Other Paypal Account?
As you all know, services of Paypal was not available in Nigeria and other 9 countries so the users of these countries were using Paypal accounts of other regions. Now, Paypal has started their services in Nigeria and other 9 countries so they might think to ditch their “Other” Paypal account because that account is illegal.
If you are also thinking like that, i will advise you to wait a bit because paypal’s services are still limited in your country. You should wait until you don’t receive Payments directly via Paypal services.