FNB opens up access to PayPal service
22 November 2011
First National Bank (FNB) has opened up access to the PayPal service so that people with accounts at any of South Africa's banks can link their accounts to their PayPal account and receive funds from anyone belonging to the PayPal network across the world.
The service was previously exclusive to FNB customers. PayPal has more than 100-million active users in over 190 countries and territories.
"One and a half years after launching our exclusive Top Up and Withdraw services for FNB customers we are pleased to open up the PayPal service for receiving funds to all customers with a South African bank account," FNB general manger for complementary online services, Chris Savides, said in a statement this week.
"They will now be able to withdraw funds from a PayPal account into a qualifying South African bank account regardless of which South African bank that they bank with."
Receiving payments in 24 currencies
South Africans already making use of PayPal but not banking with FNB have been able to make credit card-based payment transactions, but can now benefit from the added security of transacting online with PayPal by linking their credit card to an authorised PayPal account.
Receiving funds and withdrawing these funds into a South African bank account was previously offered exclusively to FNB banking customers.
New users are still required to create a free FNB Online Banking profile in order to link the accounts, even if they do not bank with FNB.
They will be able to receive payments in 24 different currencies via PayPal and FNB will convert the currency to rand when the money is withdrawn into their South African bank accounts.
Enables transactions, cross-border sales
FNB's agreement with PayPal enables international businesses and individuals to transact with South African service providers via a secure and convenient payment service.
Over 20 000 FNB-banked merchants and individuals have already signed up for the PayPal service to-date. By opening up access, FNB is able to offer the more than 500 000 South Africans with registered PayPal accounts the ability to receive funds through PayPal into their selected bank accounts.
Savides added that the internet has changed the global commerce landscape, and encouraged South Africans to think about selling their goods and services to people outside of South Africa's borders.
"One of South Africa's leading online floral and gifting retailers, NetFlorist.co.za started making use of PayPal after it realised that 30% of its business comes from outside of South Africa's borders," he said. "PayPal is a trusted and safer payment service for people transacting from abroad."
Great strides in eCommerce
Oded Zehavi, the head of PayPal's business in South Africa, pointed out that with South Africa's solid financial infrastructure and its status as one of the continent's largest economies, there had been "great strides" in eCommerce in the country.
"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," he said.
"The success of FNB and PayPal's initial offering will be further bolstered by offering all customers with a South African bank account a safer way of getting paid online with PayPal."
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