25 March
Pay Pal South Africa launches
It’s been a big week for the South African internet economy. First MWEB started a broadband price war with their uncapped ADSL offering and now Pay Pal and FNB have announced that they’ve entered into an agreement to bring Pay Pal to South Africa. This enables South Africans to sell to PayPal’s global customer base of more than 81 million active accounts in 190 markets around the world and move the proceeds to their FNB accounts. (South Africa is the 190th country to get paypal accounts!)
This drastically lowers the barrier to entry for entrepreneurs to setup online stores and instantly start selling online. Bad news for online merchant providers like MyGate, VCS and even MWEB’s Safeshop.
Michael Jordaan, FNB’s Chief Executive Officer had this to say -
“We are especially pleased to make this announcement on the eve of the 2010 FIFA World Cup, as South Africans will be able to join the global eCommerce marketplace. Our agreement with PayPal also enables international businesses and individuals to transact with South African service providers via a secure and convenient payment gateway”
Pay Pal concluded -
“FNB and PayPal have a similar focus on innovation, so it makes sense that we would work with FNB to make online payments even easier for merchants and consumers in South Africa,” said Oded Zehavi, head of PayPal’s business in Israel and South Africa.
FNB Customers can simply open a PayPal account and link it to a qualified FNB account and receive PayPal payments in 21 different currencies. FNB will convert the currency to South African Rand, when the money is transferred into their accounts.
Twitter is buzzing with the news.
March 25th, 2010 at 12:09 pm
Great news for SA… moving one step closer to the global village. Live updates here: http://foxinni.com/paypalsa/
March 25th, 2010 at 4:08 pm
I just searched to see when Pay Pal will finally launch in South Africa and I’m very pleased to hear about this. I am already banking with FNB so I will open my PayPal account some time soon.
Also great news about the Uncapped Internet. Great opportunities for the small business owners….
March 25th, 2010 at 9:01 pm
[...] (via BandwidthBlog – Pay Pal South Africa Launches) Stay Updated – Subscribe to my RSS and Follow me on Twitter. Posted in Business, Internet, South Africa | Tags: fnb, paypal, paypalsa [...]
April 8th, 2010 at 11:42 am
[...] use of multiple payment gateways, one of which is PayPal, which has partnered with FNB to enable South African merchants to accept PayPal payments. “The implementation itself is not necessarily a special occasion – the fact that [...]
May 9th, 2010 at 9:37 pm
please help me .i need to open an account with paypal,an what of great help it is to me
May 15th, 2010 at 6:17 am
Fee. Is the 1.5% in addition to the normal paypal cost of 3.9% + $0.30 USD for transactions outside USA.
June 21st, 2010 at 9:08 pm
Was so glad to hear that pay pal finally will be available to us in ZA . Trying for over a year to become an e bay seller. Now that I have done everything ! I have been trying for the past almost 4 weeks to get my FNB acc linked to my pay pal acc ! Sad story no luck yet and nobody seems to know how it should be done ?? Can anyone tell me please ????
June 23rd, 2010 at 11:13 pm
Well, it was about time. I believe S.A. users could always send money (through Standard Bank, for example) but could not receive.
This is a commendable step towards unlocking more global opportunities for local internet users and businesses alike.
July 7th, 2010 at 1:09 pm
Excellent news. Now I just need a FNB account :/ which I could link it to my Standard Bank account.
July 13th, 2010 at 1:04 am
For those of you who are struggling to integrate your paypal checkout with your South African Rand online shops..
Overtone have developed a system that enables you to sell your products in ZAR while users that select PayPal as the final payment option have their total order converted into USD at the last minute.
Its a really simple solution for those of you who want to have an online shop with multiple payment options including Paypal.
We build online sales environments and can help you get yours up and running.
http://dev.overtone.co.za