PayPal expands to 103 markets; adds 10 currencies

Source: PayPal

PayPal (Nasdaq:EBAY) today announced that it now supports payments in 10 new currencies, allowing customers to send, receive and hold funds in a total of 17 currencies worldwide.

The new currencies are the Czech Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, New Zealand Dollar, Norwegian Krone, Polish Zloty, Singapore Dollar, Swedish Krona, and Swiss Franc.

These new currencies add to those already available to PayPal customers, including US Dollars, Australian Dollars, Euros, Pounds Sterling, Canadian Dollars, Japanese Yen and Chinese RMB.

PayPal also announced that residents in 48 new markets can now use PayPal in their local markets to send money online. These new markets include Indonesia, the Philippines, Croatia, Fiji, Vietnam and Jordan.

"International expansion is a key part of PayPal's growth strategy, and we are thrilled to expand our services to 103 markets and support 17 currencies worldwide," said Dana Stalder, senior vice president, PayPal. "With these new offerings, PayPal continues to make domestic and cross-border trading easier and more convenient for its millions of customers around the globe."

PayPal currently has 114 million accounts globally. In the second quarter of 2006, PayPal's total payment volume - or the total value of transactions - was $8.9 billion. The addition of new payment options and the expansion into new markets helps PayPal customers trade domestically, and helps sellers expand cross border trading.

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