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Global payments company PayPal announced today that it has passed the milestone of more than 1 million accounts in South Africa. This comes exactly four years after the company partnered with popular local bank FNB, which allowed the service to be more easily implemented.
PayPal boasts over 152 million active accounts in 203 markets around the world. The service aims to be more secure and simpler by allowing people to make payments on the web without having to enter their banking details with every purchase made.
PayPal launched in nine countries across Africa only a few months ago, including Nigeria. Chatting to Ventureburn earlier this year, Malvina Goldfeld of PayPal said, “Our aim is to build demand among local consumers and introduce our global network of merchants to the new market opportunities.”
“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,” Goldfeld further stated in a press release.
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.
“Ecommerce forces you to think globally,” says Ryan Bacher, managing director 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 website 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.”
With remittance and other money transfer concerns a hot topic, it will be interesting seeing how PayPal adapts to Africa’s unique personality and growing crop of startups in the industry.