It has only been four years since Paypal entered its first deal with South Africa’s First National Bank (FNB). The online payment platform now has more than 1 million accounts in the country.
Paypal has provided a simple and secure way to shop and pay on many websites globally, it has 152-million active accounts in 203 markets around the world.
“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,” says Malvina Goldfeld of PayPal. “What PayPal represents is trust, which is why we process over 9-million payments every day, including 2,4-million international payments.”
The partnership between FNB and Papal has seen customers withdraw money for a Paypal account to any eligible bank account as well as topping up the account form any FNB bank account.
Erna Vakis, general manager complementary online services at FNB, said: “One-million accounts is an extremely significant milestone for both PayPal and FNB.”
Ryan Bacher, MD and founder of NetFlorist, commented that e-commerce forces individuals to think globally.
Bacher said: “With a high-quality, reputable brand, your potential customers are not only those in your home country. Many South Africans living overseas use our website to send flowers to family back home for example.
“As a globally recognized and accepted brand, the PayPal payment option makes people feel more secure when making their final payment.”