Paypal announces 1m accounts in South Africa

PayPal, a leading global payments company, announced that four years after a landmark deal with First National Bank made it possible for people and businesses in South Africa to make and accept PayPal payments, more than 1-million accounts have now been opened.

With 152-million active accounts in 203 markets around the world, PayPal provides a simple and secure way to shop and pay on millions of Web sites around the world. In South Africa that means people can buy from stores based in London or New York without having to enter their financial details on the store’s Web site, and for businesses it means the opportunity to accept payments in over 100 currencies from people around the world.

“Online commerce creates a world of opportunities for buyers and sellers, but entering card details on an overseas Web site or accepting a payment from someone overseas can be concerning,” said Malvina Goldfeld of PayPal. “What PayPal represents is trust, which is why we process over nine-million payments every day, including 2,4-million international payments.”

As part of the one-million account holders now registered in South Africa, PayPal helps a number of South African businesses accept online payments, including Mr Price, Netflorist and Singita.

“E-commerce forces you to think globally,” states Ryan Bacher, MD and founder of Netflorist.

“With a high-quality, reputable brand, your potential customers are not only those in your home country. Many South Africans now living overseas use our Web site to send flowers to family back home for example. As a globally recognised and accepted brand, the PayPal payment option makes people feel more secure when making their final payment.”

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