Egyptian PayPal users can receive payments via their PayPal account from buyers in 203 markets, PayPal announced last week.
They can also transfer their PayPal funds to their bank account through a local Visa payment card or through a USA Bank account.
The digital payment firm noted that Egyptian businesses can now sell to millions of PayPal customers worldwide, opening up new sales opportunities. It will also allow consumers around the world to use their PayPal account to buy from merchants in Egypt.
“This move comes as a recent global study for PayPal conducted by research company Ipsos reported a surge in online and cross border trading, illustrating the scale of potential export opportunities for Egyptian companies,” PayPal revealed.
Kivanç Onan, Regional Director of PayPal Middle East, North Africa & Turkey 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.”
The new service comes as part of PayPal’s commitment to developing e-commerce in Middle-East and North Africa, and specifically in Egypt. E-commerce is constantly on the rise and is expected to reach $15bn by 2015, according to the PayPal Insights report.
“This expansion of PayPal’s service now allows Egyptians to sell products and services around the world in a safe and convenient way and we believe this will help key contributing sectors of the Egyptian economy, especially in services and tourism where Egypt has a huge online potential,” the company said.
