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| Rudolph Muller | February 10, 2010 | No comments |
Rudolph Muller
Rudolph Muller is the editor at MyBroadband and covers telecoms and broadband news. Rudolph comes from an academic background, but left the University of...
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First National Bank issues statement over PayPal rumours
FNB has acknowledged that it is currently “in discussions with various parties” regarding suggestions that the bank may be bringing international online banking service PayPal to South Africa.
Reports emerged on Sunday via Twitter that FNB had been discussing the possibility of bringing PayPal – an e-commerce business which allows users to make payments and transfer funds internationally via an online portal – to local users.
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.”
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.
PayPal would be of great benefit to South African online users in lieu of the 2010 FIFA World Cup, owing to the fact that it makes it easier to engage in international online transactions.
Currently FNB is unwilling to comment further on the matter. No indication of when the bank will confirm or deny the PayPal rumours has yet been made.
Paypal in South Africa << discussion
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