PayPal to Expand Services to South Korea
As part of PayPal’s global expansion efforts, the company will be launching a Korean language version of their website starting tomorrow, February 12. This will allow users in South Korea to transfer money and make payments online.
Korean residents can currently make purchases with PayPal online, but they can only order items from overseas. Currently, the Korean financial authorities do not recognize this program as a viable payment solution within the country. Nevertheless, the expansion of the Korean language website and an upcoming Korean language call center may encourage more people to shop at overseas online malls.
PayPal has seen an increase in activity from Korea in the last few years because consumers are finding cheaper ways to buy the items they need online. Many items on Amazon are cheaper than what they can find in local stores as long as they are willing to import them. By offering services in the Korean language, PayPal will have a better way to connect to this growing audience of consumers.
At this time, PayPal offers financial services in nearly 200 countries and has over 160 million users. Now that the company has relinquished ties with eBay, it is looking to expand to even more areas around the world.
PayPal’s co-founder Peter Thiel is scheduled to visit South Korea on February 24 to host a lecture series called “Zero to One.”