One in three has a PayPal account

A nation of shoppers

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By Tim Ferguson, 2 November 2006 13:40

NEWS

One-third of all UK adults now have a PayPal account, according to the online payment company.

Currently, around 15 million people in the UK use the system to make and receive online payments.

PayPal CEO Geoff Iddison said advances in technology and the demands of a "time-poor" society are transforming the way we shop and transfer money.

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He said international expansion is a key part of PayPal's growth strategy, and the service has recently added support for ten extra currencies, including the Hong Kong Dollar and Hungarian Forint. Money can now be transferred in 17 currencies in 103 countries.

Around £440m is sent out of the UK to families abroad every year and PayPal is keen to increase its role in this market.

Earlier this year PayPal launched a mobile phone service allowing customers to make payments on the move.

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