At the moment, PayPal provides its services to over 200 countries and supports 26 different currencies, with the UK and Germany having the most daily active users.
In fact, according to the latest PayPal statistics, experts estimate that the company will reach a whopping 750 million users by 2025.
However, the most fascinating thing about PayPal is that you can set up two accounts — personal and business — allowing both businesses and individuals to send and receive money without much fuss.
Yet, for Southeast Asia (Cambodia included), there are still many limitations.
To find what these are, along with the latest statistics, just keep on reading!
1. PayPal is still not completely functional in Cambodia
During the pandemic, many businesses had to turn their focus to the online realm in order to survive. However, for Cambodians, this was not an easy task. Namely, despite having the option to create a PayPal account — as well as to pay and send money online — Cambodians still cannot withdraw money from their PayPal accounts.
Naturally, this makes it all the harder for them to earn money during these difficult times — hence why so many of them have turned to other digital service providers such as Payoneer, WesternUnion, etc.
2. As of 2020, there are 143 Xoom pickup locations in Cambodia
Xoom is a well-known PayPal service that Cambodians can use to send and receive money. The catch? You need to pick up your cash at a bank in Cambodia. And not just any bank. These are exclusively the Advanced Bank of Asia Limited and Sacombank scattered around 143 locations across the country.
So, if you already have a Paypal account simply use Xoom to conduct your business.
3. 135 countries don’t support virtual Visa for PayPal and Cambodia is one of them
Virtual cards are debit cards that are primarily used for Online Shopping.
Unfortunately, Cambodia falls on this list of restricted countries along with Brunei, Myanmar, Timor-Leste, Indonesia, Laos, and Vietnam. And according to PayPal, this list is regularly updated. Hence, it’s susceptible to change in the near future.
4. PayPal works with 25 banks in the Philippines
PayPal is working tirelessly to expand its offering to individuals and businesses all across the globe. For instance, in the Philippines, the online brand is cooperating with some 25 banks to make their services more accessible to the public.
In fact, the Philippines falls into the top three countries when it comes to the payments market, judging how 10% of their GDP comes from the US, the UK, Canada, and Europe — hence why PayPal decided to waive certain fees to increase cash flow and chargeback protection.
5. PayPal charges a 3.4% fee for sellers in Malaysia
When it comes to Malaysia, PayPal still isn’t as popular as it could be. The most probable reason is the fact that Malaysians simply prefer FPX payments over PayPal.
Nevertheless, there is a way to get PayPal to work in said country and it’s still the best option for merchants looking to conduct international trade.
Namely, transferring money is the same as in other countries. As for withdrawals, Malaysians can link some of the more popular banks, such as Maybank or Public Bank. Just keep in mind that PayPal charges a 3.4% transaction fee (plus RM2), whereas buyers won’t get charged.
6. 28% will be the market share of digital wallets in Thailand in 2021 and PayPal is among them
The Thailand government is working hard on enabling various payment gateways that include digital wallets. As a result, PayPal is on its way to becoming one of the most trusted digital payment systems in Thailand.
Both WorldPay and PayPal have re-entered the Thailand ecommerce market in 2021 (after the relaunch) and are supporting the local currency, thus offering domestic merchants higher margins.
7. According to the Bank of Vietnam, the number of phone-based transactions hit 90 million in 2017
As a result, it won’t be long before digital wallets become the No. 1 transaction method and even surpass the use of cards, at least when ecommerce in Vietnam is concerned.
As for the digital wallets themselves, the most popular ones are PayPal, Momo, and ZaloPay.
8. Digital wallets will make up 26% of the market share in Singapore by 2023, with PayPal taking 5% to 10%
Singapore is a country of tech-savvy consumers — hence why their government supports international and domestic ecommerce with their policies.
In fact, digital wallets are right after cards, with 18% of transactions happening over smartphones at the moment. And by 2023, it’s projected that digital wallets will make up 26% of the entire market; of this PayPal will have a 5% to 10% market share.
9. Close to 1,000 websites in Vietnam are using PayPal
According to the latest estimates, there are at least 988 websites in Vietnam that use PayPal to conduct payments. Moreover, they fall into a wide array of industries, including technology and computing, travel, business, manufacture, hobbies and interests, art and entertainment, law and politics, and others.
It’s also worth noting that many of these websites have high internet traffic, and some even achieve over $1 million in revenue.
10. In Singapore, PayPal is one of the top 10 payment gateways
PayPal provides secure international money transfers, allowing merchants to accept payment from Mastercard, Visa, American Express, iDeal, and others. Hence, it should come as no surprise that PayPal ranks among the top 10 payment methods in said country.
Nevertheless, despite being safe, fast, and simple to use, PayPal transaction fees are 3.9% + SGD$0.50 for domestic sales and 4.4% (plus a fixed fee) for international sales, which are considered steep in Singapore.
As a result, some users turn to Stripe, DBS PayLah, and eNets as an alternative to PayPal.
PayPal is a global payment system that’s used in over 200 countries with 25 currencies to choose from. Both merchants and individuals love it due to its simplicity, security, and fast transaction speeds.
However, despite all the positives, it’s still not available in some Southeast Asian countries.
In Singapore, PayPal ranks among the top 10 payment systems, whereas in the Philippines it works with 25 local banks to increase its reach. And when it comes to Cambodia, users can create an account and safely withdraw funds to one of 143 locations via Xoom.