First National Bank (FNB) and PayPal have launched a new service that allows customers in South Africa to sell to PayPal’s global customer base in 190 markets and move the proceeds to their FNB accounts.
The companies said that the new service allows customers to top up and withdraw funds to their qualifying FNB accounts from their PayPal accounts. The new PayPal service that is being offered in partnership with FNB has received approval from the Exchange Control Department of the South African Reserve Bank.
FNB Customers can now 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, the companies said.
Oded Zehavi, regional director of PayPal Israel and South Africa, said: “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.
“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.”
