PayPal New Multiple Currencies and Country Expansions
The very well informed Ina Steiner from AuctionBytes.com wrote on Friday that eBay’s online payment service PayPal now supports payments in 10 new currencies. This allows customers to send, receive and hold funds in any of 17 total currencies worldwide.
PayPal has announced their expansion into 48 new countries and added 10 new global currencies for a total stable of 17. eBay buyers can now pay for merchandise in their local money and the funds gets automatically converted to the sellers account currency. Sellers can now directly accept payments in their local money and withdraw funds at their neighborhood bank with no currency exchange costs. (very nice)
Additionally, residents in 48 new markets can now use PayPal in their local currencies to send money online, including such places as Indonesia, the Philippines, Croatia, Fiji, Vietnam and Jordan.
PayPal Senior Vice President Dana Stalder stated in a press release, “International expansion is a key part of PayPal’s growth strategy…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.”
The new currencies supported by PayPal include 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 currently has 114 million accounts globally. In just the second quarter of 2006, PayPal’s total payment volume - or the total value of transactions - was $8.9 billion. (one quarter!) Just beware, I’ve been watching a lot of CNN lately and if in a few years PayPal decides to back for former executive for the Vice President slot with no further aspirations to be president…..be afraid….be very afraid :-)
The ironic point that should be made here, is that for years now e-gold Ltd, has offered currency transactions in any of over 20 world currencies with instant conversion at the time of transfer and always shows the daily exchange rates on their web site. Pecunix also has similar currency options, see the pics below.
Years ago DGCs made this process so simple my 6 year old nephew with a Crayon in his hand could exchange his US dollars for Yen in about 2 seconds. However, it is still very nice to see PayPal doing well and helping so many global citizens engage in digital commerce— but please, let’s give ‘credit’ where ‘credit’ is due.
Some types of ‘genius’ (e-gold, Pecunix, 1MDC) are just ahead their time.
But it does now appear that all digital currency is quickly trending towards some sort of large global digital exchange between countries, currencies and units.
It is my guess, and I’m not alone, that the final digital product for global transactions won’t be pegged to any particular one world currency but pegged to GOLD or other precious metals.
So perhaps in the next few years, most if not all, Internet financial transactions will finally catch up with the genius that is ‘Digital Gold Currency’.
Related Stories
POSTED IN: Boosting Online Sales, GoldMoney, Online Currency, PayPal, e-gold
0 opinions for PayPal New Multiple Currencies and Country Expansions
No one has left a comment yet. You know what this means, right? You could be first!
Have an opinion? Leave a comment: