Paypal: FNB deal nets 1 million accounts

Money Transfer

Paypal had opened 1 million accounts in South Africa through a deal with FNB signed four years ago, Malvina Goldfeld, the head of African business development at the global payments firm, said last week. PayPal has 152 million active registered accounts and makes payment in more than 100 currencies in 203 markets. It processed 9 million daily payments, including 2.4 million global ones.

Many local firms, including Mr Price, NetFlorist and Singita, accept online payments through PayPal. Many South Africans living abroad use the NetFlorist website to send flowers to family back home. 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. Through the partnership with FNB, money can be transferred from a PayPal account to any eligible bank account. “Online commerce creates a world of opportunities for buyers and sellers, but entering card details on an overseas website or accepting a payment from someone overseas can be concerning,” Goldfeld said. – Nompumelelo Magwaza

Source: Business Report  26 August 2014