PayPal hits 1 million mark in SA

2014-08-25 16:40

South Africans have embraced e-commerce and global payments company PayPal now has one million accounts in the country.

PayPal, a subsidiary of e-commerce service provider eBay, signed a deal with First National Bank (FNB) four years ago, enabling local e-commerce users and businesses to send and receive payments online, and the deal has paid off.

“One million accounts is an extremely significant milestone for both PayPal and FNB,” said the bank’s general manager for complementary online services, Erna Vakis, today.

PayPal has 152 million active accounts in 203 markets around the world and is a secure way to shop and pay on millions of websites globally.

In South Africa, this means that people can buy from stores in London and New York without having to enter their financial details on the store’s website, and for businesses it means the opportunity to receive payments in more than 100 currencies from people around the world.

Through the partnership with FNB, money can be withdrawn from a PayPal account to any eligible bank account or a PayPal account can be topped up from any FNB account.

One company that uses PayPal is NetFlorist, an online florist and flower delivery site.

“E-commerce forces you to think globally,” said NetFlorist managing director and founder Ryan Bacher.

“With a high-quality, reputable brand, your potential customers are not only those in your home country. Many South Africans living overseas use our website to send flowers to family back home ... the PayPal payment option makes people feel more secure when making their final payment,” said Bacher.

PayPal processes 9.3 million payments globally every day.

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