First National Bank (FNB) expects to increase its customer base off the back of the exclusive deal it signed with Paypal.
The bank yesterday unveiled PayPal to the local market, making SA the 190th country to be able to offer the service.
CEO Michael Jordaan says the bank hopes to attract more customers through the offering, especially those in the corporate sector.
FNB has 6.6 million customers. However, judging from the Tweets during the event, many South Africans will move accounts to FNB in order to benefit from PayPal's services.
The parties have signed an exclusivity agreement, but would not say when this comes to an end. Oded Zehavi, who heads up PayPal's business in SA and Israel, also did not indicate if the company will enter into other agreements with South African banks once the restraint ends.
PayPal, a US-based payment processing system, allows people to receive money in 21 different currencies from 81 million PayPal account-holders. It allows people to pay for a service without having to give out credit card details to businesses other than PayPal.
The company was co-founded by South African Elon Musk, who launched the California-based concept in 1998. eBay bought out the company in 2008.
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