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.
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.