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South Africa gets PayPal?
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PayPal is the biggest, most widely used e-commerce payment platform in the world.Until now, foreign exchange control restrictions in South Africa have prevented South Africa from RECEIVING money via PayPal, even through we’re able to SEND money through the service.
Speculation was sparked on Twitter about the possibility that merchant accounts for South Africans may become a reality through a deal between First National Bank and Paypal.
We contacted FNB but they refused to comment at this point, saying only that an official statement will be released soon.
The Reserve Bank has maintained that PayPal does not meet its FOREX requirements, and this move looks like the only way the South Africans could realistically expect to ever own a fully functional in and out PayPal account.
It's a prospect that has excited thousands of online entrepreneurs, who now eagerly await confirmation from the bank.
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Comments (1)
That is such great news! I'm really excited for this now! It will open up a window off opportunity for online entrepreneurs in South Africa... Ill be holding thumbs!
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