Can this be true? [update] First National Bank (FNB) has confirmed it is in “discussions” on the back of rumours that the big four bank is set to launch PayPal locally in Apri[/update]
If so, I hope FNB don’t rip us off with crazy expensive fees. This will be huge for South African who want to accept payments from overseas without that R150+ bank charge per foreign transaction.
PayPal South Africa
First National Bank (FNB) executives are expected to convene a fiery meeting on Monday morning following leaks on messaging system, Twitter, that it was bringing Paypal to South Africa by April.
Twitter was abuzz with speculation on Sunday that PayPal would finally be gracing South Africa’s shores later this year.
PayPal is a service aimed at facilitating secure online trade and is viewed as a vital step in seeing South African web offerings become a bigger part of the global economy.The technology allows users to shop online without revealing their credit card details. This ensures a more secure platform for online transacting and will be a step forward in promoting online trade for South African businesses.
Importantly, the service would make it easier for local retailers to receive payments from overseas customers. The technology has to date received a lukewarm reception from the South African Reserve Bank which is concerned it flaunts foreign exchange regulations.
Red more about PayPal South Africa rumours at Fin24 or just search twitter for #paypalsa DO you know of any alternatives to PayPal in South Africa that works now?
[update] Imod was one of the first to break the PayPal South Africa story over at his blog.
[another update] The rest of the world is catching up. This time ITweb … Tweets trump FNB
FNB will not confirm it is set to unveil PayPal in SA, but a social media site is buzzing with the news.
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FNB Paypal post vanished
Win $10000 with FNB & Paypal
I got a ton of comments coming in on the post I did last night, would have been worth backlinking to
Shoulda yeah, didn't check your blog so didn't know the post existed, sorry.
Hardly an issue
I should check in future seeing that many of our memes overlap somewhat
Ye, makes sense to pwn the SERPs between us
I sure hope this is true, as I do a lot of graphic design for clients overseas.
Has anyone thought of the implications this will have on the NPS Act?
Will the NPS act change to accomodate Paypal type payments? If so, why hasn't existing “system operators” been notified by the respective associations of tabled changes to the NPS Act.
There are many System Operators in SA that can deliver “Paypal type” payment solutions but are limited only by abiding to the NPS Act not limited by technology, expertise or even competence? South African System Operators should voice some concern over being shafted. The next time you wonder “Why isn't there a company in SA that can provide 1st world solutions?”, you will find an answer in legislation.
Yes, http://www.setcom.com – trading as monsterpay for small businesses – does a stunning job for South Africans.
Used them for a long time. Great service and support.
You have to give kudos to FNB. They've been rolling out some really neat solutions for small business – go and check out their Instant Accounting offering.
Its a bloody useful solution and if they can add in PayPal then they will not just be paying lip-service to supporting the small business sector
Paypal is the “Google” of online payment processors, and its arrival in SA is long overdue. Local online marketers have been fighting for years so that this can happen.
Hooray! I sincerely hope this is not just another rumour. I do a lot of freelance article writing for international clients, and getting over the PayPal issue has been a problem. We use Monsterpay at present, but not without hiccups and inconvenience. Alertpay is apparently available in SA too, but I haven't checked that out.