PayPal clocks up 35m Eupropean users

Online payment service PayPal now has nearly 35m accounts in Europe, the eBay subsidiary has announced.

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Online payment service PayPal now has nearly 35m accounts in Europe, the eBay subsidiary has announced.

PayPal allows businesses or individuals with an email address to send and receive payments securely using a bank account, credit card or stored balance.

PayPal processed £4.2bn of payments in Europe last year, and figures from Forrester Research show it is now a preferred payment method for 35% of online shoppers in the UK and 23% across Europe as a whole.

The system, which allows users to shop online without sharing their financial information with vendors, has more than 133m users worldwide and payments through the service are now accepted by e-commerce sites for retailers including Boots, DHL and Harrods.

Brent Bellm, vice president of PayPal Europe, said: "PayPal has worked hard to build a safe and convenient payment service specifically tailored to European e-commerce.”

But PayPal users have been heavily targeted by cybercriminals. In July, security firm Sophos revealed that 54% of the phishing emails received by its threat analysis centres around the world were aimed at stealing log-in and other details from PayPal users.

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