PayPal FNB deal paves way for more global marketplace engagement

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In a few simple steps, FNB and non-FNB users can now use PayPal to send and receive money within the FNB app.

The move underlines the bank's continuous efforts to enable its individual and business clients to access financial services by means of digital channels.

Sizwe Nxedlana, FNB private segment chief executive officer, says, "In 2010, FNB became the first bank in South Africa to provide customers in this market with access to PayPal, and now we are the only bank in the country that provides access within our app.

"This demonstrates our commitment to offering our clients solutions that are helpful, easy, and safe. Our digital channels are already used and trusted by millions of clients, and we believe that this expansion will increase our clients' ability to participate in global financial activities such as e-commerce."

PayPal's regional director for the Middle East and Africa, Mark Mwongela, says, "Our relationship with FNB has been very important for the adoption of PayPal in South Africa over the last decade, and we are delighted to now broaden the scope of our partnership.

“This step represents our continuous commitment to offering the best possible experience for our users, and we hope that the new channel will accelerate adoption of PayPal even further."

According to Anthony Grant, the chief executive officer of FNB’s foreign exchange product house, "We continue to see the FNB app be our clients’ preferred conduit for foreign-exchange transactions, and we’re excited to now be able to provide access to PayPal within our app.

“PayPal is a globally recognised brand that continues to play a key role in enabling individuals and businesses to easily pay or get paid. We've further simplified the PayPal onboarding process on our app to make registration, top-ups, and withdrawal processes as simple as possible for users with fewer clicks. We’re also aware that safety is crucial in international payments, and the use of our app gives customers confidence that their transactions are safe."

It only takes a few steps to enable PayPal on a user's profile. Simply go to the FNB app's forex tab, link their PayPal profile, verify the user information, and continue to enable PayPal permissions before agreeing to the terms of service.