Designed exclusively for users in Britain, PayPal UK (www.pay pal.co.uk) will allow buyers and sellers to send and receive online payments to more than 31 million PayPal members around the world.
Matt Bannick, general manager of PayPal, an eBay company, commented: "PayPal is already being used by a large number of people in the UK to buy and sell locally, regionally and across borders around the world.
"With the new customised features and Seller Protection programme on the site, we are bringing additional convenience and security to our UK customers," he added.
With the launch of the site, PayPal will be reducing or eliminating withdrawal fees for its UK members. Withdrawals of less than £50 to a UK bank will cost 50 per cent less (25p) and fees will be eliminated completely for withdrawals of £50 or more.
The new UK offering is part of PayPal's broader plan to expand its service in Europe.
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