A total of 80 million internet users stand to gain access to PayPal global services. They include those in five European markets – Belarus, Macedonia, Moldova, Monaco and Montenegro; four African nations namely Nigeria, Cameroon, Ivory Coast, and Zimbabwe, as well as Paraguay.
The firm provides online payment alternatives for consumers via mobile phones or personal computers in markets often blighted by financial fraud.
Reuters quoted the Executive in Charge of Europe, the Middle East and Africa (EMEA) region of PayPal, Rupert Keeley to have said in an interview that the expansion would bring the number of countries it serves to 203.
Beginning from today, consumers in Nigeria, which has 60 million users and has Africa's largest population, along with nine other markets in sub-Saharan Africa, Eastern Europe and Latin America will be able to make payments through PayPal, it said.
"PayPal has been going through a period of reinvention, refreshing many of its services to make them easier to use on mobile (phones), allowing us to expand into fast-developing markets," Keeley said.
Once the services go live, customers in the 10 countries with access to the Web and a bank card authorised for Internet transactions will be able to register for a PayPal account and make payments to millions of sites worldwide.
Initially, PayPal is only offering "send money" services for consumers to pay for goods and services at PayPal-enabled merchant sites while safeguarding their financial details.
This is free to consumers and covered by fees it charges merchants.
"We think we can give our sellers selling into this market a great deal of reassurance," Keeley, a former regional banking executive with Standard Chartered Plc and senior executive with payment card company Visa said.
PayPal does not yet cover peer-to-peer transactions, which allow consumers to send money to other consumers. It has not yet enabled local merchants in the new markets to receive payments, nor is it offering other forms of banking services, he said.
A 2013 survey of 200 UK ecommerce sites by Visa's CyberSource unit estimated that 1.26 percent of online orders are fraudulent and that 85 per cent of merchants expected fraud to increase or remain static last year.