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You heard right! It’s all true!

I just finished up at the FNB PayPal launch in Newtown and not only was it confirmed, it went live at 11am today!
If you have a verified PayPal account, and an FNB account, you can log in to your online banking at fnb.co.za and link the two accounts right now!

What does this mean?

This agreement will enable customers to make or receive payments for goods and services online, all this without having to share your financial information.

• Top Up to PayPal – Top Up your PayPal account in USD from your FNB account.
• Withdraw from PayPal – Withdraw available funds from your PayPal account into your FNB account.
• FNB PayPal History – View your FNB Top Up to PayPal and Withdraw from PayPal transactions.
• Maintain PayPal Profile – Change your Primary PayPal Email Address on your FNB PayPal Profile.

The Media Launch event this morning was fantastic, brief, to the point and left no questions unanswered (except the question of how long PayPal SA will be exclusive to FNB and it’s users)

Here's a pic from todays (25th March) FNB PayPal media launch

The event was MC’d by Bruce Whitfield (from 702) who did a fantastic job of keeping it quick, slick and casual. FNB CEO Michael Jordaan and a PayPal’s regional director for Israel (and now South Africa), Oded Zehavi, were clearly excited and remarkably candid.

We all know that a twitter leak not long ago got the rumour train started, Michael Jordaan claims that it was not a marketing ploy as many of us suspected, and that he was just as surprised as us when the news hit the web.

Quick facts from the event:

1. South Africa is the 190th country to join PayPal.
2. You must bank with FNB to make use of the new connection.
3. PayPal will not be supported on mobile banking just yet.
4. PayPal will work with the PayPal iPhone app for ‘bump’ payments
5. There will be a much lower 1,5% commision fee on transactions.
6. Every transaction will be reported to the SA Reserve Bank.
7. FNB has 6.6 million customers, certain to grow now that PayPal is exclusive to FNB customers.
8. eBucks is not supported yet, FNB CEO Michael Jordaan suggested that, that could change in the near future.

Overall, this is exciting news for South Africa’s eEconomy. Look forward to many new online startups catering to the world.

I’m so glad I’m already and FNB banker! I linked mine this morning, took 5 minutes!

What do you think? I’m having a tricky time seeing the down side of this.

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