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PayPal expands payment services to Nigeria, 9 other markets

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A PayPal sign is seen at an office building in San Jose, California May 28, 2014. REUTERS/Beck Diefenbach

A PayPal sign is seen at an office building in San Jose, California May 28, 2014

PayPal is entering 10 new countries this week, including Nigeria, providing online payment alternatives for consumers via mobile phones or PCs in markets often blighted by financial fraud.

Rupert Keeley, the executive in charge of the EMEA region of PayPal, the payments unit of eBay Inc, said in an interview on Monday the expansion would bring the number of countries it serves to 203.

Starting on Tuesday, 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.

“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 authorized 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,” said Keeley, a former regional banking executive with Standard Chartered Plc and senior executive with payment card company Visa Inc.

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 percent of merchants expected fraud to increase or remain static last year.

CyberSource also estimated that suspicion of fraudulent transactions result in 8.2 percent of online orders in Latin America being rejected by merchants, compared with 5.5 percent in Europe and 2.7 percent in the United States and Canada.

Such fraud can include ID theft, social engineering, phishing and automated harvesting of customer financial data via botnets, or networks of computers controlled by hackers.

A total of 80 million Internet users stand to gain access to PayPal global services this week, including those in five European markets – Belarus, Macedonia, Moldova, Monaco and Montenegro, four in the African nations of Nigeria, Cameroon, Ivory Coast, and Zimbabwe, as well as Paraguay. Internet usage figures are based on research by Euromonitor International.

PayPal counts 148 million active accounts worldwide.

Last week, MasterCard Inc, the world’s second-largest debit and credit card company, and a PayPal rival in payment processing, said it was working with the Nigerian government on a pilot to overlay payment technology on a new national identity card.

PayPal has operated in 190 markets since 2007 and added three countries – Egypt, Georgia and Serbia last year. Roughly a quarter of the $52 billion in payment volumes PayPal reported in the first quarter of 2014 were for cross-border transactions. PayPal reported $1.8 billion in revenue during the period.

source:http://www.reuters.com/article/2014/06/16/us-internet-paypal-idUSKBN0ER1ML20140616

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Business

ONEPLUS IS GOING TO START MAKING TVS

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OnePlus is is getting into a new line of business: making TVs. Best known for its phones, China’s OnePlus also has a small catalog of really good accessories like wireless earphonesand surprisingly awesome backpacks, though nothing as complex or expensive as a television set. In announcing the news on the OnePlus online forums, company chief Pete Lau describes it as “the first step in building a connected human experience.”

Every hardware manufacturer is now looking intently at ways to monetize the smart home space. Samsung and Huawei recently announced smart speakers, Apple and Google already have the HomePod and Google Home, respectively, and Microsoft and Sony are old incumbents with their Xbox and PlayStation consoles. OnePlus has decided to make its entry point into this market the TV itself, which has always been at the center of home entertainment, though often with the help of other connected devices. Reading Lau’s teaser announcement, the OnePlus TV — which so far only has a project name, no timeline or specs have been revealed — will serve as the connectivity hub for OnePlus’ future vision of the smart home.

The OnePlus smart TV will be developed by a new division within OnePlus, led by Pete Lau himself. Still at the earliest stages of development, OnePlus is currently seeking input from its fans, as it often does, about what their priorities with a future smart TV will be.

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Finance

LAGOS TO HOST BIANNUAL AFRICA FINTECH SUMMIT FOR THE FIRST TIME IN NOVEMBER

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The Summit, organized by Dedalus Global, gathers innovators, investors, policy makers and other key stakeholders in the Fintech sector to discuss technologies transforming finance on the continent, debate regulatory policies, compare best practices, and forge new ventures
LAGOS, Nigeria, September 17, 2018/ — Africa’s premier fintech event, the Africa Fintech Summit, (www.AfricaFintechSummit.com) will be held for the first time in Lagos, Nigeria, onNovember 8-9, 2018. This event comes on the heels of the earlier edition in Washington D.C. which featured leading policy makers, c-suite business executives, start-ups, and investors.

The Summit, organized by Dedalus Global, gathers innovators, investors, policy makers and other key stakeholders in the Fintech sector to discuss technologies transforming finance on the continent, debate regulatory policies, compare best practices, and forge new ventures.

Speaking on the decision to bring the Summit to Lagos, the Chairman of the Summit, Leland Rice, said, “Lagos is an ideal host city; it’s an epicenter of Africa’s fintech revolution and the driving force behind the continent’s entrepreneurial spirit. The successes of companies such as Paga, Flutterwave, Mines.io, and Paystack have strategically positioned Lagos as the destination of choice for investors.”

“The first edition of the Summit in D.C. was a launch pad for several milestone fintech deals struck among its delegates in the months after the event. We plan to build on these successes in Lagos, with a focus on bringing innovators and policy makers together to move the needle on fintech regulation and bringing founders and investors together to facilitate further capital raises,” added Leland.

The two-day event will feature investor missions from the US, UK, and UAE, an Alpha Expo featuring the most exciting startups and entrepreneurs in Nigeria, a half-day blockchain masterclass, and an awards ceremony.

Reacting to the decision to host the Summit in Lagos, the Senior Special Assistant to the President on Technology, Lanre Osibona, stated, “This reflects the progress Nigeria is making in the areas of technology and financial services. The event is very important as it comes at the heels of the Vice President Osinbajo’s trip to Silicon Valley to promote Nigeria’s tech sector. We look forward to collaborating with the organizing committee and to a successful event in Lagos.”

In similar vein, Tayo Oviosu, the founder of Paga—a payment company that recently raised $10 million in Series B2 funding—said that “the Africa Fintech Summit in Washington D.C. provided valuable insights into the fintech space and connected me with key players in the industry. I look forward to the Lagos edition.”

Speakers lined up for the event include Chief Economist of PwC Nigeria, Dr. Andrew S. Nevin; Managing General Partner of EchoVC, Eghosa Omoigui; CEO of Diamond Bank, Uzoma Dozie; Founder of Flutterwave, Iyinoluwa Aboyeji; and CEO of PayStack, Shola Akinlade, whose company recently raised $8 million Series A funding

Distributed by APO Group on behalf of Dedalus Global.

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For more information, please contact:
Ridwan Sorunke
Directory of Communications, AFTS
Ridwan@AfricaFintechSummit.com
+234 (0) 8037885760
+1 2023166726

About Dedalus Global

Dedalus Global (https://VC4A.com/dedalus-global/) is an investment and strategy advisory firm focusing on emerging markets and emerging technologies. With networks throughout Africa and the Middle East, we leverage granular market knowledge to drive innovation, accelerate capital deployment, and create value for our clients and the economies where they operate.

About Africa Fintech Summit (AFTS)

The Africa Fintech Summit (www.AfricaFintechSummit.com) is a biannual event that brings together leading disruptors, tech and finance professionals, regulators, and investors from around the globe to debate policies, compare best practices, and forge Africa-focused ventures. AFTS leverages the growth of the fintech sector in Africa to bring key stakeholders to discuss the technologies transforming finance on the continent.

To learn more about AFTS, please visit www.AfricaFintechSummit.com

View a recap from the AFTS Washington: https://www.youtube.com/watch?v=ZIdDS-u0rXE

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Dedalus Global

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Business

AMAZON IS REPORTEDLY BUILDING A FREE STREAMING VIDEO SERVICE FOR FIRE TV OWNERS

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Amazon is said to be prepping an ad-supported streaming video service; it’ll be available to folks who own any of the company’s Fire TV streaming dongles and set-top boxes, reports The Information.

It’ll be separate from Prime Video, which offers a range of licensed shows and movies, as well original content produced by Amazon, to people who are subscribed to Prime.

Amazon's latest streaming device is the Fire TV Cube
Credit: Amazon
Amazon’s latest streaming device is the Fire TV Cube

Do you like good gadgets?

Those sweet cool gadgets?

Oh, yeah

The idea behind this upcoming service, which is dubbed Free Dive, is to help Amazon bring in more revenue through advertising. Ads presently account for a small fraction – about $2 billion out of more than $200 billion – of its annual revenue, but they offer higher margins than retail, and are one of Amazon’s fastest growing earners company-wide.

To that end, the company’s been selling ad space on its site, and is slated to run ads during live sporting events on Prime Video. It also turned off ad-free viewing on Twitch – its game video streaming service – for Prime subscribers earlier this month.

Free Dive could give Amazon a chance to rival Roku, which offers a similar ad-supported streaming service for owners of its devices and is expected to reach 59 million users by the end of 2018. Roku also made its ‘Channel’ service available via the web earlier this month to folks in the US, so you don’t need the company’s hardware to access it. It’ll be interesting to see if Amazon follows suit – and how it plays its cards with customers across the globe, especially in cost-conscious markets like India, where it’s expanding its media offerings.

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