PAYPAL COMING TO S.A. VIA FNB

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Mamajyot

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http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-24_2570955

FNB to roll out Paypal


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FNB to roll out Paypal
Feb 08 2010 09:24



Johannesburg - 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.

Asked whether it would be a positive for South African technology entrepreneurs, local venture capital expert Vinny Lingham said: "Without a doubt." It would further assist in securing online payment processing, he said.

FNB declined to comment, but Fin24.com has learned the project to introduce Paypal is advanced.

Although sources said the Twitter leaks were part of a calculated public relations exercise, FNB executives are furious news of the project broke.

Media and technology analyst Saul Kropman said in a Twitter post it would be interesting to see how the costs of using Paypal shaped up largely because only one bank appeared to be rolling out the product.

FNB has aggressively targeted the small business sector with several technology-driven solutions, including its Instant Accounting offering. Securing PayPal would be another feather in its cap, said Twitter users who added it would provide them access to an invaluable platform for their business.

Ironically, for a country that doesn't have PayPal, the technology was developed by South African Elon Musk who matriculated from Pretoria Boys High School in 1988.

He is now CEO of US technology company (Space Exploration Technologies) SpaceX which develops technology for high-profile clients, including US space agency NASA.
 
I wonder how FNB will rip the clients off with this product?
 
ToxicBunny said:
I wonder how FNB will rip the clients off with this product?
Click to expand...

exactly!
What has this to do with FNB?
currently we can send funds from any credit card, regardless of issuing bank, but we can't receive funds, so now what, will only FNB account holders be able to receive funds? and then what, will FNB add over and above paypal fees??
 
za1 said:
exactly!
What has this to do with FNB?
currently we can send funds from any credit card, regardless of issuing bank, but we can't receive funds, so now what, will only FNB account holders be able to receive funds? and then what, will FNB add over and above paypal fees??
Click to expand...

Of course, a paypal transaction will most likely be seen like any other "electronic transfer". I don't think FNB will -need- to rip us off on the Paypal side though . It will be one of those features that will result in people/business moving their accounts entirely, resulting in FNB getting more money regardless of the paypal usage.

I can see why FNB would be furious about this leak, ABSA and co. are sleeping at the wheel. In fact ABSA has been sleeping at the wheel even with the whole homeloan affair (always arriving late to the party) , they are way too busy nickle and diming us than actually providing new services and experiences...

..so good for FNB i guess. At least they're doing something, while all the rest are ripping us off for -nothing-.
 
diabolus said:
Of course, a paypal transaction will most likely be seen like any other "electronic transfer". I don't think FNB will -need- to rip us off on the Paypal side though . It will be one of those features that will result in people/business moving their accounts entirely, resulting in FNB getting more money regardless of the paypal usage.

I can see why FNB would be furious about this leak, ABSA and co. are sleeping at the wheel. In fact ABSA has been sleeping at the wheel even with the whole homeloan affair (always arriving late to the party) , they are way too busy nickle and diming us than actually providing new services and experiences...

..so good for FNB i guess. At least they're doing something, while all the rest are ripping us off for -nothing-.
Click to expand...



I truly hope you are right.
If there are no excessive new charges, FNB will get my business.
 
I've been using PayPal for years for online payments, but if I can now receive money... awesome! Will definitely open an FNB account as soon as this is available.
 
I bank with STD, but must admit FNB are really progressive.
Its been a long time coming that banks look at what is happening around them, FNB listened, as they did when they introduced the sms alert on all transactions on a card for security purposes.

Good job if it is indeed going to happen.
Opens up a new market for would be entrepreneurs.
 
For me it all depends on the cost structures they attach to it.

I don't trust FNB not to try rip it off in some way.
 
Mamajyot said:
I truly hope you are right.
If there are no excessive new charges, FNB will get my business.
Click to expand...

If this service is available in SA because of FNB's effort, then all my business will go to FNB. Even if FNB ads their premium on top of the paypal fees, my business will still go to them. This will STILL work me out better than my current set up. My whole business will explode if this hits SA and if FNB makes it happen then they deserve my business and their premium.
True whats mentioned above, ABSA is fast asleep behind the wheel...as a loyal customer to them for many years now i am kinda sad they didnt take initiative on this first...big up to FNB
 
za1 said:
exactly!
What has this to do with FNB?
currently we can send funds from any credit card, regardless of issuing bank, but we can't receive funds, so now what, will only FNB account holders be able to receive funds? and then what, will FNB add over and above paypal fees??
Click to expand...

My concern exactly. I've lost faith in FNB.
 
I use FNB as my personal as business bank and theyre guite good, and if they get PayPal I will be epicly happy. At the moment recieving any credit card payment carries a 5% charge, something most online retailers including me cant afford. If they can bring it down with PayPal to like 2% or only charge monthly fee itll be available on my site the day it comes out
 
za1 said:
exactly!
What has this to do with FNB?
currently we can send funds from any credit card, regardless of issuing bank, but we can't receive funds, so now what, will only FNB account holders be able to receive funds? and then what, will FNB add over and above paypal fees??
Click to expand...

Well, that's your assumption, they didn't say this is how it's going to work. Rather be more positive about the matter, and wait and see what the outcome is
 
SoftDux said:
Well, that's your assumption, they didn't say this is how it's going to work. Rather be more positive about the matter, and wait and see what the outcome is
Click to expand...

I would ordinarily agree with you, except for three things, 1 this is SA, nothing is for free so expect massive fees to cover the profits for shareholders. 2 We are talking about a money grubbing bank, a South African one at that. 3 Corruption, it doesn't just happen in government, bankers can be corrupt too.
 
Again, that's your assumption! Why is South Africa like it is? Cause of negativity like this. Who said anything about " massive fees to cover the profits for shareholders"? Why do people automatically assume that since it's S.A. related, it's supposed to be negative?
 
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