PayPal is planning to double its share of Middle East and North African e-commerce and has announced several measures to foster its growth. The alternative payments giant has recently signed an agreement with Aramex, the global logistics and transportation solutions provider to help make overseas transactions easier for Middle Eastern customers. Additionally, PayPal customers residing in Saudi Arabia, the UAE, Bahrain, Kuwait, Qatar, Oman and Jordan are now able to link their account to Visa, MasterCard or American Express debit and credit cards issued locally.
The region is still very underdeveloped when it comes to online commerce, but presents a huge potential. Only 50% of the region’s businesses have an online presence, which means retailers still have a fairly large share of the market to fill. Currently Paypal holds 5% of the region’s e-commerce market – estimated at a total of $9 billion.
Paypal’s ambition for the region is to have 25,000 merchants in the region in the next five years and will soon be opening an office in Dubai.
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