FNB, PayPal team up on online banking service

FNB and PayPal, a unit of eBay, said on Thursday that they have teamed up to bring international online banking services to Africa’s largest economy.

The agreement will enable customers to make or receive payments for goods and services online, and be able to pay for things and send money without sharing their financial information.

FNB customers in South Africa would be able to sell goods and services to PayPal global users base of more than 81-million active customers and 190 markets.

FNB is owned by FirstRand, South Africa’s second-biggest banking group, which is also looking for expansion opportunities in Nigeria.

EBay, a vast e-commerce marketplace where buyers and sellers connect, has long striven to ensure that brands sold on its site are legitimate and that posts from sellers peddling counterfeit goods are quickly removed. - Reuters

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