26 March 2010
In a boost for local e-commerce, a new partnership between First National Bank and PayPal will enable South Africans to sell to PayPal’s global customer base and move the proceeds to their qualifying FNB accounts – without having to share their personal or financial information online.
The service also allows customers to top up and withdraw funds to their qualifying FNB accounts from their PayPal accounts. PayPal has more than 81-million accounts in 190 markets around the world
“Our agreement with PayPal also enables international businesses and individuals to transact with South African service providers via a secure and convenient payment service”, FNB chief executive Michael Jordaan said in a statement this week, adding that it would help South Africans to join the global e-commerce marketplace.
“The exclusive top-up and withdraw service with PayPal allows South Africans to make payments and receive money internationally without sharing their financial or personal information.”
Qualifying FNB account holders need only open a PayPal account and link it to their FNB account in order to receive PayPal payments in 21 different currencies. FNB will convert the currency to South African rands when the money is transferred into their accounts.
Focus on innovation
The solution enables qualifying FNB account holders to top up their PayPal accounts any time they want to, send money, and shop online with PayPal’s global base of merchants.
“FNB and PayPal have a similar focus on innovation, so it makes sense that we would work with FNB to make online payments even easier for merchants and consumers in South Africa,” said PayPal’s Oded Zehavi.
“With South Africa’s solid financial infrastructure and its status as the continent’s largest economy, we’re optimistic about the future of e-commerce in this market, and look forward to working with FNB on the opportunities ahead.”
The PayPal service in partnership with FNB has received approval from the exchange control department of the South African Reserve Bank.
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