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FINANCIAL NEWS
US PayPal to raise MENA e-commerce market share to 10%
14 Nov 2012
(MENAFN) PayPal’s regional managing director, Elias Ghanem, stated that the California-based payments firm forecasts to boost its e-commerce market share in the Middle East and North Africa (MENA) region to 10 percent in the coming 2 years, reported Arabian Business.
Ghanem said that the goal would be aided by the launch of the company’s local operation, adding that PayPal eyes to hire between 20,000 and 25,000 merchants in MENA.
Furthermore, the electronic payment network inked a deal with Aramex, the largest courier company in the region, in order to facilitate overseas transactions for Middle East customers using Aramex’s Shop & Ship service.
PayPal, which was established in 1998 and sold to EBay for USD1.18 billion in 2002, is now available in 7 markets across the MENA region, where it has 1 million customers.
It is worth noting that as of June 30, PayPal, which charges merchants a percentage of the purchase price, had 113.2 million active accounts worldwide.
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