Paypal hits South Africa via FNB

Posted in Market Trends
25
Mar

FNB users were greeted with notice when logging in to their account this morning:

PayPal Services via Online Banking is a first of its kind in South Africa and is exclusive to FirstRand Group clients! With this exciting new service you can sell products over the web and receive payment directly into your PayPal Account. By using PayPal Services you eliminate the security risk of exposing your credit card or bank account number, ensuring safe and secure transactions.

So what does this mean?

Well PayPal has always been the most effective and easiest way to be able to receive money from almost anywhere but unfortunately it has not been supported in South Africa due to many reasons. There has been an ongoing battle now for many years to get PayPal active in South Africa and now it looks like we have taken the next step to improve our online transactions and commerce.

How can I benifit from this?

Having a Paypal account will mean that you are able:

  • to now shop online in more than 67 countries.
  • Pay for products and send money without having to enter your personal information every time.
  • Most Important for South Africans: Receive payments from buyers in 190 countries. This means that you can finally set up that e-commerce site and give South Africans and easier for effective way to purchase online. We can also finally trade in the international market the way our customers are used to trading.

Will there be a charge?

FNB will incorporate a 1.5% commission fee on all amounts deposited into PayPal accounts. There will also be standard internet banking fees.

What is not available yet?

The currency will not be available in Rand just yet. PayPal will trade in USD format. There is a live foreign exchange quote incorporated into the online banking portal.

Conclusion

Well Done FNB. Kudos go out to you guys for getting on the ball and making South Africa step up to the international online e-comm market.

Peep on Gatorpeeps 

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  • Please, please SEO-Cowboy forward all these comments to all major SA Banks and Minister of Finances at SA Government.

    I thank you from the bottom of my poorly deprived heart and empty stomach. It is hard to earn a living in the Global Village when your own country behaves like a hut without a propper door for money to enter and has a hole for a floor. All other banks take notice!
  • Great Erk
    Soooooo.. they charge internet banking fees, then the money conversion fees then the paypal fees and as usual we are taxed all the way.. so we get just another opportunity to get screwed right. The only way we ever see the light of day here is after it has filtered through the jowels and bowels of the banks and government and ... aaa buggerit, now you know why customers are fickle and will hop onto the next best deal without thinking twice. FNB rocks, they are at least trying but hey, I think it is time to face reality, if you live here you will be poor forever.
  • It sucks that its only available to FNB clients.. if FNB really wanted to do something awesome they should have made it available to anyone.
  • Yip - definately a pretty positive step. I'm not totally sure the other banks will let them keep their exclusivity without fighting quite hard.

    In a time when we are supposed to be fighting anti-competitive behaviour in the banking sector, these guys having a monopoly on the service and then deciding the pricing for the product seems to smack of anti-competitive behaviour.

    We'll watch this space with interest..
  • Gerard
    This is the dream that all SA online marketers have been waiting on for years. Well done FNB.
  • Pity about the currency issue but this is very good news for SA. Well done FNB
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