Local mobile company, Panacea Mobile, today announced the launch of their new E-Commerce service, which makes 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 South African merchants are finally able to use the PayPal service to accept payments is.” says Stefano Sessa.
Offshore clients have always been able to pay via PayPal, but only to merchants that have been able to transfer the funds to a South African bank account, FNB’s effort to break this barrier has now made it possible for all internet merchants to accept PayPal payments.
“We see the benefit mainly from an international perspective. We all know that accepting foreign payments are time consuming, and this will help save some time and enable foreign clients to pay South African businesses quickly.”
FNB clients are able to use PayPal to accept payments, and transfer funds directly to their FNB accounts. “FNB does charge a small fee for the transfer of funds from PayPal to your FNB account, which makes this option only viable for non South African payments.
It would still be cheaper, faster and easier for South African clients to pay by EFT or Credit Card. I have no doubt, however, that in time this too will be phased out and South Africans will also be able to enjoy the benefits of PayPal.”
“For South Africans, we have partnered with E-Cash to process payments and 2CO for Foreign Payments. This enables our customers to experience a truly hassle-free and fast payment experience”. says Stefano Sessa.