First National Bank (FNB) and PayPal today announced that customers in South Africa can now 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.
This new service allows customers to top up and withdraw funds to their qualifying FNB accounts from their PayPal accounts.
"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. Our agreement with PayPal also enables international businesses and individuals to transact with South African service providers via a secure and convenient payment service," says Michael Jordaan, FNB's chief executive officer.
"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," adds Jordaan.
FNB Customers can 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.
"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 Oded Zehavi, regional director of PayPal Israel and South Africa. "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 launch of PayPal sees FNB take another step forward as South Africa's most innovative financial institution. It responds directly to our 'how can we help you?' brand promise," concludes Jordaan.
The PayPal service will be offered in partnership with FNB and has received approval from the Exchange Control Department of the South African Reserve Bank.