banking

PayPal Extends Services to 10 More Countries Including Nigeria

PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders.

PayPal is an acquirer, performing payment processing for online vendors, auction sites, and other commercial users, for which it charges a fee. The fee depends on what currency or payments the seller is using. In addition, eBay purchases made by credit card through PayPal may incur extra fees if the buyer and seller use different currencies. In a layman’s term, it’s simply your virtual bank for payment and transfers of cash via Skype, Facebook, eBay amongst others. Before now, it was not available to customers in countries like Nigeria. If you need to use a PayPal account from a Nigeria proxy address (like you home address), you would need to go through some third party but all that is history now.

The service has been launched so relax Nigerians and get shopping.

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Cashless Banking. How to protect your Money.

Cash is something that can be destroyed or stolen without chance for recovery by the victim.  In a cashless society, you could still have theft, but there are better chances of reversing the charges when there is an intermediary under contract as a merchant with the provider of the cashless transfer instruments.   This adds to the fees that we all will have to pay to maintain the cashless systems, but it also provides incentives for improved security, the cost of which is often spread across all consumers of the systems, and not just the people who happen to be in riskier environments. (more…)