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Tag: Paypal

  • PayPal’s New Stablecoin on Solana: A Game-Changer for Digital Payments

    PayPal’s New Stablecoin on Solana: A Game-Changer for Digital Payments

    By Fhumulani Lukoto

    PayPal has announced the launch of its new stablecoin on the Solana blockchain, marking a significant advancement in digital payments.

    Overview

    On May 29 2024, PayPal announced that it had deployed its dollar-pegged stablecoin (PYUSD) on Solana, having only previously been available on Ethereum (ETH). This move solidifies PayPal’s position in the cryptocurrency market and introduces many new features to enhance user experience and security. One of the most notable features is the introduction of ‘confidential transfers,’ which promises to revolutionise how transactions are conducted digitally. According to a Solana blog post on May 29, a significant feature introduced for PYUSD is “confidential transfers.” This allows merchants to ensure the privacy of transaction amounts for their customers while maintaining the necessary regulatory compliance transparency. In a post on X, Bitcoiner Udi Wertheimer said, “This sounds a lot like confidential transactions, a feature Bitcoin devs have been harping about for almost a decade but never built, and you’re telling me PayPal users will have it first? LOL.” Helius Labs CEO Mert Mumtaz said, “PayPal didn’t expand to Solana purely for speed.” Mumtaz added, “Solana also allows confidential transfers and token programmability natively on the L1 itself. Confidential transfers alone are a game-changer.”

    The Evolution of Stablecoins: PayPal’s Strategic Move

    Stablecoins have become a cornerstone in the crypto landscape, offering the stability of fiat currency while maintaining the advantages of digital assets. PayPal’s entry into this market with its stablecoin signifies a strategic move to leverage its vast user base and trusted brand to drive mainstream adoption of digital currencies. By choosing Solana as the blockchain platform, PayPal ensures high transaction speed and low fees, which are critical for everyday transactions. Solana, known for its high throughput and low latency, provides an ideal environment for PayPal’s stablecoin. This choice is crucial because it addresses two major issues that have plagued other cryptocurrencies: scalability and transaction costs. Solana’s capability to handle thousands of transactions per second ensures that PayPal’s stablecoin can support a global user base without compromising performance. Experts at Bitcoin Synergy mentioned that Solana’s token extension standard, which ensures compliance with the SPL token standard, offers numerous advantages for the PayPal stablecoin.

    Confidential Transfers: Enhancing Privacy and Security

    One of the standout features of PayPal’s new stablecoin is the introduction of ‘confidential transfers.’ Privacy and security are paramount in crypto, and confidential transfers represent a significant leap forward. This feature allows users to conduct transactions without revealing the details to third parties, ensuring higher privacy and protection. Confidential transfers use advanced cryptographic techniques to obscure transaction details while allowing the network to verify the transaction’s legitimacy. This means that the amount being transferred and the sender and recipient details are hidden from anyone not directly involved in the transaction. This level of privacy is significant for businesses and individuals who require discretion in their financial dealings. Solana Foundation noted, “TEs [token extensions] are an open standard that allows PYUSD to be integrated and used not only in the PayPal ecosystem, but outside of PayPal with any compatible wallet, exchange, or library.” Moreover, confidential transfers on the Solana blockchain are designed to be efficient, ensuring that enhanced privacy does not come at the cost of speed or transaction fees. This balance between privacy, speed, and price is crucial for encouraging widespread adoption of the new stablecoin.

    Implications for the Future of Digital Payments

    The introduction of PayPal’s stablecoin on Solana with confidential transfers will likely have far-reaching implications for the future of digital payments. For one, it sets a new standard for privacy and security in the cryptocurrency market. As concerns about data privacy and financial security continue to grow, features like confidential transfers could become a baseline expectation for digital currencies. Furthermore, PayPal’s stablecoin could accelerate the integration of cryptocurrencies into mainstream financial systems. By providing a stable and secure digital currency, PayPal makes it easier for consumers and merchants to adopt and use cryptocurrencies in everyday transactions. This could lead to a broader acceptance and integration of digital currencies in traditional financial markets, potentially reshaping the landscape of global finance. Additionally, PayPal’s collaboration with Solana highlights the importance of strategic partnerships in the blockchain industry. By leveraging Solana’s technological strengths, PayPal can offer a superior product, while Solana benefits from increased visibility and adoption. This symbiotic relationship underscores the potential for collaborative innovation to drive the industry forward.

    PayPal’s new stablecoin on Solana, featuring confidential transfers, represents a significant milestone in the evolution of digital payments. It combines the stability and security of traditional financial systems with the innovation and efficiency of blockchain technology. As this new stablecoin gains traction, it is poised to set new benchmarks for privacy, speed, and usability in the cryptocurrency market, heralding a new era for digital transactions.

  • How To Turn Your Ideas, Hobbies, Skills and Knowledge to Profitable Business In 4 Simple Steps!

    How To Turn Your Ideas, Hobbies, Skills and Knowledge to Profitable Business In 4 Simple Steps!

    Strategies That Brings Cash On Demand and Make You Forget Your Money Worries Forever….

    Register For a FREE Live Training On How To Turn Ideas To Profitable Business Now, CLICK HERE

    If you are a salary earner or you are unemployed….You are Not Happy With Your Current Situation…..No matter How Much you earn or have right now.

    I know this sounds harsh but it’s the truth….

    If you read this short article to the end, I will prove this to you….

    Your Job takes most of your time…8 to 9 every single day and nothing to spend with loved ones, you even work on weekends at times and yet you get peanuts as salary, you only work to enrich the your BOSS pocket or maybe you just hate the feeling of someone bossing you around.

    and  you may find it shocking that the JOB  right now is not even SECURED and you might have even thought of resigning but couldn’t because there is nothing to fall back on!

    According to Punch Newspaper, 3.67 million Nigerians, Lost their JOB in one year.

    Earlier this year, Zenith Bank Sacks Over 1,200 employees – According to Premium Times Newspaper.

    And if you are unemployed yet still searching for a JOB, it’s a no brainer why you still don’t have your desired JOB. Here is why?

    Over 29 Million Nigerians are Jobless according to vanguard newspaper and this has increased in 2017.

    You’ve see the worst in the last 12 months, if you have been in Nigeria since the beginning of this year 2017  you will agree with me on this;  Staff have been laid off by the government and private owned Companies, Teachers, Doctors have been going on Strike for Months, Universities have been shut down for months due to the inability of the government to pay the lecturers or students’ strike.

    Do you Know Why?

    Nigeria’s minimum wage of N18,000 is one of the world’s lowest minimum wage according to Labor and the purchasing power keeps declining due to inflation in the market. If you will agree with me, the amount of money you spend on goods & commodities has now doubled compared to what you spent last 2 years because…

    Things are becoming more and more expensive!

    Salary is fixed, purchasing power is low while some survive on loans to take care of themselves and pay their childrens’ school fees, others Continue to swim in debt, using debt to pay off debts..

    Despite all these problem in Nigeria, Some people are still happily making good money from their business without worrying about JOB security or unemployment or Inflation in the market. Am sure you would have thought of starting your own business, Which is by far the best option you can think of.

    According to Forbes Magazine, the Top Richest Men In The World Are Business Owners or Entrepreneurs.

    But then, some people get it wrong that they barely even see their business through the first year. Of course I didn’t make this up myself. Here are some facts:

    According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. That’s a whopping 80% crash and about 20 percent survive four or five years business operation.

    There are lots of factors that affect this.

    But then, I will show you what to do now to ensure that you never have to worry about your underpaid/unhappy Job that you hate so much but you just have to keep it to survive or the unemployment saga that’s driving you crazy.

    Not just that, I will also drop on your laps powerful little tips that turns what you already know (ideas, hobbies, Skills or Knowledge) to a Profitable business that brings in Cash On Demand In 30 Days! These little secrets will ensure you build your business in the path of success and be among the 10% that succeed with their business – No matter your current situation.

    Register For a FREE Live Training On How To Turn Ideas To Profitable Business Now, CLICK HERE

    We are about to go HARDCORE

    Stop whatever you are doing and Pay attention.

    After reading what am about to show you… starting from now and you apply every single step on your idea, skills, knowledge or hobbies, you can go as far as building your first Million Naira Per month Business ….even if your bank account is red right now, getting started in 24 hours without office space or huge capital, Using just your Pen and Paper.

    Now, I will have to warn you…..what I’m to reveal to you are dangerously powerful, it is like money ritual because you will be able to generate cash any time you need it. But trust me its 100% Legal!

    That’s Exactly What Happened To Seyi Adeleke (Youth Corper) When he took his measly N19,800 Corpers Alawee and turned it into N30million in just 12 Months.

    And Seyi is not the only one doing this, Do you know that Over 76.2Million Nigerians are online as at 2017( according to statista). Nigeria has been ranked by PayPal inc as the 3rd highest mobile shopping nation worldwide. Nigerians reportedly spent $610 million in 2015 using PayPal, and we are on target for $819 million (about ₦327 billion, at current rates) this year.

    What does this mean to you?

    Nigerians Spend over N327 Billion buying different products online in 2017.

    If you are afraid of BIG NUMBERS… I mean big money or don’t know how to explain to your family members what you are doing to make the kind of money you will be making in the next few days, then I will advise you NOT to read further.

    But if you are not afraid of turning your ideas, hobbies, skills and knowledge to cold hard cash; Then slowly read every word in the next few paragraphs.

    There are 3 Steps to Turning Your Ideas, Hobbies, Skills and Knowledge to Profitable Business That brings in Cash On Demand For You!

     

    Step One – Identify What People Want.

    Step Two – Find The Solution

    Step Three – Package The Solution

    Step Four – Sell The Solution to them

    Step Five – Rinse and Repeat.

    Register For a FREE Live Training On How To Kickstart this business Now, CLICK HERE

    Sounds like a NO BRAINER, doesn’t it?

    Yes. It’s a simple concept. It’s actually the simplicity of the whole thing that makes people not to do it. They cannot imagine such a simple thing can bring in massive money.

    Now let me show you How to use these 5 Steps to turn your ideas, Knowledge, Skills and Hobby into a profitable business in 30 days.

    Step One – Identify what People Want:

    This is a problem for a lot of people. They don’t know how to determine what a lot of people want so they can create products for them. For you, it’s shouldn’t be a problem.

    The fastest way to know what people want is: Identify a problem, once you can identify a problem then you are in money. Let me tell you a short story.

    In year 2008, A lot of Nigerians want to know how to make money from Football Just by predicting matches. A smart Nigerian was in U.K then and Figure out How sport betting works and made few pounds from it. He came back to Nigeria and wrote a step by step PDF Guide titled “How To Make Money Predicting Football Matches”.  He was able to Find what people want and created a solution and packaged it, that’s what step 1, 2 and 3 is all about.

    The next thing he did was to market the PDF guide and priced it for N7,500 He sold hundreds of copies and made millions selling that single digital product. After that, lots of Nigerians were finding it difficult to deposit their money with all these foreign betting site and then he decided to find a solution by taking a step further….

    He Built the First Online Sport Betting Platform In Africa, Nairabet. Yes, That’s exactly how The Famous, Billion Naira Company, NairaBET Was Founded, doubt this, a quick search on google will do.

    But What If I show you how to build your own Million Naira Per Month Business Starting with what you know, little or no capital, your pen and paper.

    You see…these are some very powerful strategies you can start applying now and start making money from it within the next few days.

    Click Here To Attend My FREE LIVE TRAINING, Its 100% FREE Where I Show You Live How This is done.

    Or VISIT HERE

    P.S: This Training is Only For 100 People, So Go Here Now To Reserve Your Seat!

    P.P.S: Also, The Training is Done Online. Imagine…. you don’t have to travel anywhere for the training, only for you to sit down at the comfort of your home with your Phone or computer plus internet to watch me live where I show you How this whole business works.

  • PayPal acquires mobile payment start-up Modest

    PayPal acquires mobile payment start-up Modest

    PayPal, a global payment firm, has announced its first acquisition since it split from eBay. Pal said it has acquired mobile payment start-up Modest, which will allow consumers to make purchases in apps by giving merchants the ability to provide buy-buttons for their products.

    This is what PayPal calls contextual commerce, and the company is betting on this becoming the new frontier for commerce, said senior vice president and global head of merchant and next-generation commerce at PayPal Bill Ready in a statement.

    “For consumers it will mean seamless, simpler and safer ways to buy the things they want, anywhere they discover them,” he said. Modest was founded in 2012 by Harper Reed, who served as chief technology officer for President Barack Obama’s re-election campaign in 2012, and Dylan Richard, who was lead engineer for the campaign.

  • FirstBank, PayPal partner on summer travels

    FirstBank of Nigeria is banking on its new partnership with PayPal to make life easier for its customers who will travel during this summer.

    The bank hopes that the travellers through it can pay and get paid globally and seamlessly.

    “Now we finally have an online payment solution accepted all over the world, courtesy of a new strategic partnership between First Bank of Nigeria and PayPal,” the bank said.

    Banking on PayPal’s over 148 million accounts in 26 currencies spread over 203 markets around the world and its strategic advantage in Nigeria as a leading Nigerian commercial bank with over 750 branches across Nigeria with cards accepted in over 200 countries and on millions of POS terminals and ATMs around the world, the brand managers of the bank believe “the arrival of PayPal in Nigeria allows PayPal connect Nigerians to merchants from Asia, North America, Europe and beyond. So, finally, we can do online transactions on almost every site (since PayPal is a popular global online payment platform anyway), however, PayPal accounts have a transaction limit of about $250 until the account is verified. This is where FirstBank comes in!”

    The Chief Executive Officer,  FirstBank, Bisi Onasanya, said at the launch of the Paypal e-commerce Payment Solution, that the bank is driven by the quest to provide the best financial services possible to its customers. He is optimistic that this venture with Paypal would make far-reaching impact on the lives of the bank’s customers in particular and the entire people of Nigeria in general.

    According to him, it is necessary at this time of accelerating e-commerce evolution in Nigeria and it is equally noteworthy, that it is in sync with FirstBank’s enhanced service solutions for its SME, e-business, mobile banking and online banking customers.

    “First Bank is celebrating 120 years of doing business in Nigeria,” explained Onasanya. “Ours has been a continuously exciting journey highlighted by a remarkable and enduring legacy of unparalleled development and sustainability. We are indeed proud to have built a heritage brand easily recognisable for its dependability, dynamism, stability, longevity and innovation.”

    He also explained that FirstBank has established diverse operations in the financial services industry, with over 750 widespread service outlets, enabling its emergence as the foremost financial services provider in Nigeria.

    “I am, especially, delighted that our subsidiaries, within and outside the country, are making enormous contributions to the growth and development of their national economies, to the delight of all our stakeholders.

    “In expanding our scope in the e-commerce and money transfer subsector, we have carefully identified PayPal due to its pedigree and robust success, achieved since inception 12 years ago, as a major consumer-to-consumer remittance company worthy of our partnership,” he said.

    He further said the pedigree of Paypal, one of the world’s leading e-commerce payment platforms, has developed a fast, reliable and secure system, with expansive global operations. In the rapidly globalising world, an e-commerce payment solution requires the energising competitive environment presented by a rapidly growing company like PayPal, with quite impressive growth statistics, enabling its customers to send, receive, and hold funds globally, he added.

    Also, PayPal’s Regional Director for Africa and Israel, Efi Dahan, also said: “Millions of Nigerians already shop on websites in the US, UK or China, but many find their cards are rejected or have concerns about entering their credit card details on the website of a seller based overseas. PayPal is used by hundreds of millions of people around the world to make international payments because PayPal payments are trusted by international retailers and we don’t share your financial details with anyone.

    “This exclusive partnership with FirstBank is a major milestone in PayPal’s Africa growth story and we hope to make more announcements together in the future as our partnership develops,”Dahan said.

     

  • PayPal eyes $890m acquisition deal

    PayPal has unveiled its plans to buy money-transfer company Xoom, keeping up PayPal’s effort to control the digital payments world.

    The deal, with an enterprise value of $890 million, will expand PayPal’s global money-transfer services. It will likely give PayPal’s 165 million worldwide active consumers more options to send and receive money across international borders using Xoom’s services on their smartphones and personal computers.

    The Xoom is expected to help PayPal speed its expansion into the 37 countries Xoom already operates, especially the important markets of Mexico, India, the Philippines, China and Brazil, PayPal’s incoming CEO Dan Schulman said in a statement.

    The Xoom is a competitor to money-transfer firms including Western Union and Moneygram, allowing people to pay bills or send money overseas for about $3 to $10 per transfer.

    The Xoom helped customers send about $7 billion to friends and family around the world during the 12 months ended March 31.

    “Making international remittances simpler, safer and more affordable is something PayPal is excited to do for our customers,” Schulman said in a statement. The Xoom’s shares jumped about 22 percent in after-hours trading to $25.27, above PayPal’s cash offer price of $25 a share.

     

  • Reasons Nigerians ‘prefer’ Paypal

    Reasons Nigerians ‘prefer’ Paypal

    Since mid-2014 when PayPal, an online payments system was launched in Nigeria, online money transfer service has undeniably improved – a study proves.

    The study has it that the launch of PayPal introduced a more secured way of transacting businesses in a simpler and more flexible manner across borders; opening up a world of shopping possibilities for Nigerian consumers.

    According to the study, PayPal gives people better ways to connect to their money and to each other, helping them pay online bills without sharing financial information with sellers.

    The study conducted in Nigeria by Ipsos – a global market research company, shows an expectation by Nigerian consumers to conduct more shopping online.

    “Out of the approximately 50 million internet users in Nigeria, 65% of users already shop online and another 24% of users expect to do so in the nearest future.

    These numbers clearly demonstrate that Nigerians have a big and growing appetite for E-commerce,” the study observed.

    It further highlighted 5 reasons Nigerian consumers choose PayPal and use it for online shopping to include:

    1. It is a more secured way to pay online

    When you make a payment with PayPal your financial details are not shared with the seller. This gives you more control over your financial information and provides you with an extra layer of security.

    2. The benefit of PayPal Buyer protection

    The online payment platform also protects eligible purchases with PayPal Buyer Protection. If an eligible item doesn’t show up, or turns out to be different from what was described, PayPal can help sort things out with the seller. It is included in its Terms and Conditions.

    3. Shop on thousands of website around the globe

    PayPal, established in 1998 in California has proven to be a truly global payment platform that is available in about 203 countries and markets.

    You no longer need to book a flight ticket to shop worldwide as PayPal is an accepted form of payment on thousands of websites around the globe and countries you do not necessarily need to go.

    4. Online shopping made easier

    Online payments using PayPal makes your life easier because when checking out with your PayPal account, you do not need to type in all your credit card details and shipping information for each transaction- everything is already stored in your PayPal account and kept secured.

    All that is needed is a PayPal account’s email address and password and the shopper will get through the checkout in no time.

    5. Free to sign up

    Interestingly, signing up for PayPal is free and it is a breeze. All that a shopper needs to do is follow the steps on the website which are to sign-up, choose country, enter identification details, enter card details then click continue. Lastly, go your email to confirm the mail from PayPal.

    The online payment system serves as electronic alternatives to traditional paper methods like checks and money orders, which is currently one of the world’s largest internet payment companies.

    The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.

  • ‘To encourage start-ups, Nigeria needs its own Paypal’

    ‘To encourage start-ups, Nigeria needs its own Paypal’

    Okechukwu Ofili developed and runs Okada Books which won the Best Overall App in the MTN App Developer Challenge recently. In this interview with Bukola Afolabi, he speaks on the opportunities inherent in mobile apps and how start-ups can harness same

    What’s your educational background?

    I have a Bachelors Degree in Mechanical Engineering from the University of Houston where I graduated Summa Cum laude (first class). Prior to that, I did my secondary education at Corona Secondary School in Ogun State and primary school at St. Leo’s Catholic school in Ikeja, Lagos.

    What are your general professional and non-professional interests?

    I love writing and drawing… that is my passion, which is what I do at any given or free time. Most of what I write are often humorous or witty and take on serious issues. I started blogging on my site: ofilispeaks.com, and from there it evolved into three books – How Stupidity Kills, How Laziness Kills and the latest, How Intelligence Kills. I also like to develop sketches and finding satirical ways to express my frustrations at the things that don’t work in this country.

    When did you realise you wanted to become an App Developer?

    The first time I knew I wanted to develop an app was when I tried to sell my books in Nigeria and experienced first-hand the frustration that goes into distributing books in Nigeria. It was then that I started thinking of an idea that would circumvent the distribution road block in Nigeria, and that’s when the okadabooks app idea came up. Okada, the local name for motorcycles and bikes in Lagos, is the name chosen because of its ability to navigate through Nigerian traffic, and it’s our hope that our app can navigate the blocked/non-existent distribution networks of Nigeria books.

    So, what steps did you take?

    I worked primarily with a classmate of mine and several developers from three different continents (Asia, Europe and Africa) on the okadabooks app idea.

    What was the first app you developed?

    The first app I developed was for my first two books on blackberry phones. Basically, you send an SMS text on your phone and you would get a BB app download link for the book. But the app was limited…limited to Blackberry, limited to my two books and limited to MTN, so we had to scale it up to make it more diverse and that is where okadabooks came up.

    Where did you get your inspiration for the app you created?

    I won’t say it was an inspiration, as it was more driven by frustration. So, essentially, the challenges of book distribution in Nigeria gave birth to the ideas that crystallised into the okadabooks app. As such, the saying is true that the problems you are willing to solve provide a platform for creative solutions to evolve.

    What were the high points of your preparation?

    The high points of my preparation in terms of the scalability of the app were hearing firsthand feedback from people that used mobile applications talk about how it impacted their lives. For example, an anonymous mum emailed us asking to buy JAMB/SSCE questions for her children; the student from Lagos that downloaded over 30 books on their phones; the corporate worker that deposited N5000 in the app to buy books. It is comforting to know that contrary to popular beliefs, Nigerians did, indeed, read and they were doing it through our app.

    Did you know that you were going to win?

    I had no clues whatsoever. I actually felt our closest chances would be hinged on winning the best app in the educational category, but not the overall price. That was a huge surprise; I could not drive straight when I heard the good news that we had been declared the overall winner.

    How do you feel about winning?

    I feel very validated. I tell people that it is not about the money or the car, but the validation from someone as big as MTN that they believe in what we are doing. I can’t tell you the amount of meetings I had in Lagos, over the phone and in person and the number of proposals that I hand-dropped or the number of times investors said that our idea was not unique or worth investing in. That was tough but we kept on pushing and then MTN said, yes we believe. That is too cool!

    How do you plan to maximise the platform which your winning has brought?

    We want to work with MTN to help digitise Nigerian classics. I have visited publishers with large warehouses of books gathering dust and if we don’t digitise these books soon we will lose a part of our history. We also plan to re-invest the contest money to make the app better.

    How have mobile users embraced the app and what kind of numbers have you churned out?

    The app has been downloaded close to 10,000 times and mobile users love it!

    Have you been able to monetise the application?

    Yes and No. Yes, we have, but it could be done better. The mobile e-payment system in Nigeria is too limiting. If you use mobile payment A, you cannot use it with mobile payment B so you end up having 10-11 payment options to cater to an entire population. Basically, Nigeria needs it own version of paypal. There are a lot of companies that have the paypal concept in Nigeria but none has scaled to general acceptance.

    How do you intend to deal with the competition within the mobile industry and how will you differentiate yourself?

    Okadabooks mission is that every African, no matter where they are, deserves to experience the magic of books. So, if competition comes, it will mean three things, okadabooks will have to improve, the new competition will give users more opportunities to read and lastly and more importantly, whether okadabooks wins the battle or not, the users will benefit because they have more options to read.

    How would you assess current level of local mobile applications development?

    The mobile applications industry is developing, but we are not there yet. However, I feel strongly that with these kinds of partnerships between CCHub and MTN supporting app development, we will get there faster. This in turn means that there will be more distribution opportunities for app developers to showcase their works on a massive scale, such that would have been unavailable to them as small time players.

    Would you say Nigeria has the local capacity to effectively support the growth and development of mobile content and applications?

    Yes, we do have the local capacity to mainstream app development in the technology space. We just need our universities to start teaching app development as part of their curriculum. It is sad and disheartening to note that there are some “top universities” in Nigeria that do not teach mobile app development, but also ban the use of mobile phones completely on campus. Actions like that will hold back the nation from reaching its potential.

    What advice would you have for the government or corporate bodies in a bid to strengthen the local mobile application industry?

    The government needs to provide the enabling environment for techies to grow as well as create an acceptable mobile payment platform. That is the biggest limiting factor. If app developers see the green, Nigeria will see the super apps. But for now, people are just developing mobile applications with no plan or ways to monetise. Multinationals like MTN have shown the way. Etisalat isn’t doing badly in this regard also. But I think that there needs to be more concerted efforts at growing the industry.

  • PayPal signs new customers

    PayPal has signed up “tens of thousand” of Nigerians in its first week of operating in Africa’s biggest economy, with consumers already purchasing items from Britain, China and the United States via its online platform, a company official said.

    E-commerce remains in its infancy in most of Africa but is growing exponentially with the advent of online retailers ,such as Jumia, partly owned by South African phone operator MTN, and a growing middle class with money to spend.

    Citizens of Africa’s most populous nation could not buy goods directly from foreign merchants before the launch by PayPal, the payments unit of online auctioneer eBay Inc.

    “We have seen great uptake by Nigerians … in terms of coverage,” Malvina Goldfeld, PayPal’s head of business development for sub-Saharan Africa, said in Lagos.

    PayPal entered Nigeria and 10 other nations last month, providing online payment alternatives for consumers via mobile phones or PCs in markets often blighted by financial fraud. The new markets bring the number of countries PayPal serves to 203.

    Goldfeld said that Paypal secured a few deals with electronics suppliers in China and Dubai ahead of its launch and that it had partnered with Nigerian lender FirstBank, which has more than 10.5 million customers.

    PayPal launched its platform in South Africa four years ago, Kenya last year and now Nigeria, Goldfeld said, giving the company access to shoppers across 40 sub-saharan African countries.

    Goldfeld said the biggest interest has been in products from the United States, Britain and China, adding: “People are buying everything … (but) there’s definitely a concentration in electronics and fashion.”

    Online retailer Jumia told Reuters in April it had 100,000 Nigerian customer accounts and sales were increasing by 15 percent a month. However, worries over internet security and online fraud have held back e-commerce growth in Nigeria, where 63 million people have active internet data subscriptions but only 1 percent of them make online transactions, First Bank said, noting that online purchases are expected to reach $1 billion this year.

  • PayPal accepts Union Bank’s cards

    PayPal accepts Union Bank’s cards

    Union Bank of Nigeria Plc yesterday announced that its card offerings – Visa and MasterCard are now accepted on the PayPal platform. PayPal is an international e-commerce platform that facilitates online payments and money transfers to over 190 countries.

    The bank in a statement, described PayPal as one of the fastest and safest ways of paying and getting paid online. It said the platform, also allows users send money and make payments without sharing financial information, now includes the flexibility to pay using Union Bank Visa and MasterCard.

    Head of e-Business, Union Bank,  Fatai Baruwa said: “We are glad that PayPal has extended its services to Nigeria. With the push towards a more cashless society in Nigeria, and the growth and increased awareness of online shopping on local and international sites, Union Bank customers now have another safe and secure payment option to enable them concludes their online transactions.”

    The Union Bank MasterCard is accepted worldwide and can be used to pay for goods and services at 32.7million merchant locations worldwide. The Union Bank Visa Card, issued in both Naira and US Dollars is also accepted worldwide.

    Union Bank has been upgrading its use of technology across all banking platforms. The Bank earlier announced that it will be rolling out its Bank of the Future branches, which will rely on technology and innovation to simplify the banking experience for customers. The bank is also doubling its ATM footprint and enhancing its mobile banking platforms.

  • PayPal accepts Fidelity Bank’s cards

    Fidelity Bank Plc has announced the acceptance of its payment cards on the PayPal platform. With this development, the lender’s cardholders can now shop from the world’s major international retailers with more flexibility and convenience.

    PayPal is a global payment firm that recently entered the Nigerian market.

    Coming on the heels of the proposed nationwide adoption of the CBN’s cash-less initiative, this move is seen as part of the bank’s efforts to boost electronic payments and foster ease of transactions.

    PayPal, a global player in the e-commerce industry, offers a faster and effective means of conducting transactions over the internet and is being used by millions of customers across the world.

    Divisional Head, Electronic Banking, Adedeji Olowe who spoke on behalf of the Managing Director and Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo said the introduction of PayPal is a deliberate attempt by the bank to make financial services easy and accessible to its customers.

    Olowe said that the development is in line with the bank’s commitment to consistently deploy innovative strategies to make life easier for its Customers. “We believe that our Customers will benefit immensely from this innovation, and the registration process is straightforward.

    He, however, explained that the bank would adopt a phased approach to deployment “Only shopping on international websites is available at this time, other services will be introduced in the coming months.

    While the surge in e-commerce has given rise to concerns about online security, the bank has allayed the fears of its Customers by confirming that its Cards are protected with top-notch security tools. In addition to the in-built security mechanism, Fidelity Bank’s MasterCard and VISA Cards are protected with the MasterCard SecureCode and Verified by VISA features.