First National Bank has expanded its partnership with PayPal to allow access to the US internet payments platform via more of the bank’s digital channels.
In a few simple steps, FNB and non-FNB users can now use PayPal to send and receive money on the FNB app, the bank said in a statement on Thursday.
FNB and PayPal, a subsidiary of online auctions giant eBay, struck a deal with each other and the South African Reserve Bank in 2010 allowing South Africans to receive international payments into their PayPal accounts and transfer this money into their bank accounts.
PayPal had to partner with a local financial services institution as a way of dealing with South Africa’s onerous exchange control regulations. All transactions involving the service are automatically reported to the Reserve Bank.
Both parties said the Reserve Bank was open to the idea and helped ensure the deal was done with the minimum of fuss.
FNB private segment CEO Sizwe Nxedlana says the app offers clients solutions that are helpful, easy and safe, and believes the expansion will increase clients’ ability to participate in global financial activities such as e-commerce.
According to Anthony Grant, CEO of FNB’s foreign exchange product house, the FNB app is clients’ preferred conduit for foreign exchange transactions. The bank said it has simplified the PayPal onboarding process on the app to make registration, top-ups and withdrawals possible with only a few clicks.
It takes a few steps to enable PayPal on a user’s profile. Simply go to the FNB App’s Forex tab, link the PayPal profile, verify the user information, and continue to enable PayPal permissions before agreeing to the terms of service. – © 2023 NewsCentral Media