First National Bank has finally confirmed what SA Internet users have long suspected. The banking group is partnering with online payments specialist PayPal, a subsidiary of online auctions giant eBay, to allow South Africans to use the US company’s full suite of products for the first time.
FNB on Wednesday invited journalists to a press briefing on 25 March, to be addressed by bank CEO Michael Jordaan and senior executives from PayPal. They plan to discuss how they’ll work together to “make global e-commerce faster and easier for the SA market”, according to the invitation.
News of the bank’s discussions were first leaked on group messaging service Twitter, apparently by one of FNB’s suppliers.
Though South Africans have been able to apply for PayPal accounts, they have not been able to receive money from people internationally using the service because of SA Reserve Bank regulations. It’s understood that FNB has held discussions with the Reserve Bank about launching PayPal’s full suite of services in SA.
The fact that FNB and PayPal have called a press conference suggests they have received Reserve Bank approval to launch the US e-commerce company’s products locally. — Staff reporter, TechCentral
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