South Africa’s banking system went through a major change a couple of years ago as technology became more prevalent in account holders’ lives, and at the forefront has been First National Bank (FNB).

Now thanks to the deal FNB signed four years ago with international payment service PayPal, it has over a million users on its books in the country.

PayPal allows its user to pay for goods online without having to enter their credit card details on the store’s website or transaction page, and it allow businesses to accept foreign payments into its PayPal account. For FNB customers, that means that they withdraw money from their PayPal account and deposit it into their FNB account, as well as top up their PayPal account directly through FNB.

“One million accounts is an extremely significant milestone for both PayPal and FNB,” said Erna Vakis, general manager for complementary online services at FNB, in a press statement.

Malvina Goldfeld of PayPal explained exactly why it is beneficial for someone to have a PayPal account: “Online commerce creates a world of opportunities for buyers and sellers, but entering card details on an overseas website or accepting a payment from someone overseas can be concerning. What PayPal represents is trust, which is why we process over nine million payments every day, including 2.4 million international payments.”

In June PayPal launched in Cameroon, Côte d’Ivoire and Nigeria. “As technology continues to break down barriers, the world is getting smaller. We can buy the things we want from almost anywhere in the world and many people in these ten markets rely on overseas websites to get access to the goods and services they can’t find at home,” PayPal said at the time.

[Source – PayPal, Image – Shutterstock]
Charlie started his professional life as a motoring journalist for a community newspaper in Mpumalanga, Charlie explored different journalistic angles since his entry into the fast-paced world of publishing in 2006. While fostering a passion for the arts, Charlie developed a love for technology – both which allowed him to serve as Entertainment and Technology Editor for an online publication. Charlie has since been heavily involved in consumer technology for various websites and publications. He thoroughly enjoys World War II films and cerebral documentaries; aviation; photography and indie music. Oh yes, and he also has a rather strange obsession with collecting coffee mugs from his travels.