PayPal has announced a new service whereby Egyptian users can not only receive payments from buyers in 203 markets, but can also transfer funds through a local Visa payment card and/or USA Bank account, reported Daily News Egypt.
This move has enormous export potential, confirmed by a recent Ipsos research study about a surge in online and cross-border trading. According to a PayPal Insights report, Egyptian eCommerce is constantly increasing and is expected to reach $15 billion by 2015. PayPal Egypt expects the service to be of help in key economics sectors such as services and tourism.
Regional Director of PayPal Middle East, North Africa & Turkey Kivanç Onan said in a statement: “We first launched our services in Egypt, enabling people to shop online using PayPal across millions of online shops worldwide. Now, Egyptian merchants can export their goods or services all over the world and consumers can pay easily and safely, strengthening PayPal’s global strategy in allowing everyone to shop and sell online with added safety, security and convenience.”
This new move follows shortly after eBay announced PayPal would be splitting into its own company from eBay later this year. “The strong, steady growth of PayPal’s customer base coupled with rising engagement reflects the growing popularity and relevance of the PayPal value proposition globally,” PayPal’s CEO-elect Dan Schulman said.