PayPal has more than 81 million active accounts in 190 markets around the world. The service allows customers to top up and withdraw funds to their qualifying FNB accounts from their PayPal accounts.
FNB Customers can 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.
Michael Jordaan, CEO of FNB, 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. Our agreement with PayPal also enables international businesses and individuals to transact with South African service providers via a secure and convenient payment service.
“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.”
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.”
