The original promise behind PayPal was to give people more direct control over their money. This wasn’t a promise we were making to a few. Our mission was to change the way the world thought about and used money.
Over the years, hundreds of millions of people have come to share in that promise. This week we reached a major milestone on our global journey. Starting from today we will be rolling out PayPal to ten new markets, taking the total number of markets we serve to 203.
Over 200 markets now enjoy a safer and easier way to pay online.
For the people of Belarus, Cameroon, Côte d’Ivoire, Macedonia, Moldova, Monaco, Montenegro, Nigeria, Paraguay, and Zimbabwe, this will not be the first time they have had access to global commerce. As technology continues to break down barriers, the world is getting smaller. We can buy the things we want from almost anywhere in the world and many people in these ten markets rely on overseas websites to get access to the goods and services they can’t find at home.
The problem is that people are understandably wary of providing credit or debit card information to a storeowner they don’t know who operates in a distant country. For the sellers too, accepting credit or debit card payments from buyers in a market they know little about can feel like a risk.
Now, by registering for a PayPal account, the people in these ten markets can shop online at millions of websites with the peace of mind that comes from knowing we don’t share their financial information with any merchant.
And, if something does go wrong – a product doesn’t arrive or doesn’t match the seller’s description, for example – they have the added assurance that they may be reimbursed the cost of the purchase and the postage on eligible items, thanks to PayPal Buyer Protection.
Of course, this is all great news for businesses as well. Ten new markets means more opportunities for businesses to sell their goods and services backed by the reassurance of one of the world’s most trusted ways to make and receive payments.
Why these markets and why now, you might ask? It takes a lot of careful planning and preparation to enter a new market, and we take our responsibility to manage people’s money very seriously. We believe we can seamlessly integrate these markets into our platform and provide the investment and resources needed in things like customer service. More importantly, we believe there is demand. Demand for a safer way to pay and take part in the global commerce revolution.
We’re delighted that we can be there to help and to continue to deliver on our promise.