FNB to bring PayPal to SA in April?

Rumours emerge that FNB is planning to bring PayPal to South Africa, but FNB would not comment on the issue

Reports emerged recently via microblogging platform Twitter that FNB is currently in discussions with PayPal to bring the online banking service to South Africa.

PayPal offers online users a secure service through which to engage in online transactions, allowing users to send and receive funds from other users in any participant PayPal country.

According to PayPal the platform offers a “safer, easier way to pay and get paid online. The service allows anyone to pay in any way they prefer, including through credit cards, bank accounts, buyer credit or account balances, without sharing financial information."

PayPal would be of great benefit to the South African online community as it makes it easier to engage in international online transactions; which would boost local online businesses ahead of the 2010 FIFA World Cup.

Until now the South African Reserve Bank has been unwilling to give PayPal the go ahead for local use, owing to the fact that it may not meet the Reserve Bank’s foreign exchange requirements.

It is currently unclear which individual is responsible for breaking the information via Twitter on Sunday or if the reports are reliable. After following a trail of Twitter ‘retweets’ it appears that ‘@Ratmo’ initially broke the information, based on an ‘inside source’ from FNB.

FNB has not officially confirmed or denied the rumour nor were they able to comment at the time of publication.  "FNB’s position remains unchanged . . . we are unable to comment at this stage," said Jessica Yellin, Head of Corporate Communications at eBucks.

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