Paypal deal with FNB in SA
Johannesburg - Listed retail bank FNB and global e-commerce group PayPal have entered into an agreement, the parties said on Thursday.
The agreement would enable FNB customers in SA to sell to PayPal's global customer base of more than 81 million active accounts in 190 markets around the world - and move the proceeds to their FNB accounts, they added in a joint statement.
"This new service allows customers to top up and withdraw funds to their qualifying FNB accounts from their PayPal accounts," the statement said.
"We are especially pleased to make this announcement on the eve of the 2010 FIFA World Cup, as South Africans will be able to join the global e-Commerce marketplace."
The agreement with PayPal also enabled international businesses and individuals to transact with South African service providers via a secure and convenient payment service, Michael Jordaan, FNB's Chief Executive Officer said.
"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," he added.
He said FNB customers could simply open a PayPal account and link it to a qualified FNB account and receive PayPal payments in 21 different currencies.
"FNB will convert the currency to South African rand when the money is transferred into their accounts.
"This solution enables customers to top up their PayPal accounts anytime they want to send money or shop online with PayPal's global base of merchants."
Oded Zehavi, head of PayPal's business in Israel and South Africa said the solid financial infrastructure in SA and its status as the continent's largest economy, lead to optimism about the future of e-Commerce in this market.
The PayPal service has received approval from the Exchange Control Department of the South African Reserve Bank.