MANILA, Philippines  – Online payment solutions provider PayPal announced Tuesday the expansion of its services to include the Philippine peso, allowing its members in the country to send, receive and hold a balance in the local currency.

Since 1998, when it launched its groundbreaking payment solution, which allows online transactions without disclosing financial data such as credit card or bank account numbers, PayPal lists more than 153 million accounts in 23 currencies around the world, including the Philippines.

The inclusion of the Philippine peso will eliminate payment of costly exchange fees for purchases or sales using PayPal services.

PayPal will also do away with Philippine peso conversion to US dollars in online transactions.

“The introduction of the Philippine peso will make domestic ecommerce easier and more convenient for buyers and sellers in the Philippines,” said PayPal Southeast Asia and India General Manager Mario Shiliashki.

Based in California, USA, PayPal’s services include online payment through credit cards, bank accounts, buyer credit or account balances across various locations and currencies. The company was acquired by online auction company, eBay in 2002.