Paypal deal with FNB in SA

2010-03-25 12:38
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.

Financial infrastructure

"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.
- SAPA
Read more on:    paypal  |  fnb  |  internet
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
22 comments
Add your comment
Comment 0 characters remaining

Inside News24

 
/News

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

Save up to 40% on outdoor accessories!

Tents, sleeping, day packs and more. While stocks last. Shop now!

Month End Madness Sale!

Save up to 60% on across a wide range of goods from books to electronics, DVDs and many more. Sale end 31 January 2015. Shop now!

Valentine’s Day gifts – 14 Feb!

Gifts to spoil him and her. While stocks last. Shop now!

30% off fragrances

Get 30% off fragrances for him and her. While stocks last. Shop now!

Up to 30% off All Textbooks

Save up to 30% off an extensive range of prescribed textbooks for all major universities and FET colleges. Shop Now!

OLX Free Classifieds [change area]

Horoscopes
Aquarius
Aquarius

Something may come back into focus. You may get a second chance to say what needs to be said. The important focus today is to not...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.