PayPal, a global electronic payments provider, has launched services in Egypt and Lebanon.
“Ecommerce in MENA is a $9 billion industry and is projected to reach $15 billion by 2015,” said Elias Ghanem, general manager of PayPal for the Middle East and North Africa, according to Equites.com.
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PayPal had seen a delayed roll out in the Middle East but the trend seems to be shifting as new launches continue to expand. PayPal is completely accessible in the GCC and Jordan, which allows for both the buyer and seller can carry out transactions at local banks. Other MENA countries such as Jordan, Yemen, Morocco, Tunisia and Algeria can make payments through opening a PayPal account.
Earlier in 2013, when Ghanem announced Lebanon and Egypt would soon have PayPal services, he revealed that they were working to create an Arabic-language interface and customer service for their website.
PayPal services will be helpful for small businesses and professionals in Lebanon and Egypt. Shopping on eRetailer websites that only accept PayPal will make the online shopping experience much easier for the MENA consumers.
Mustafa Kamel Attia, a managing director of Link Online, which is an online services company with a strong presence in the Middle East, stated that the PayPal launch “is a positive addition to the market as it will reassure the people who are afraid of putting their credit card details online.”
Currently, PayPal has 5 percent ownership of the eCommerce market, and with growth they aim to increase market share to 10 percent.
To read the full story at Equities.com click here, or at The Paypers here.
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