Just a quickie on FNB PayPal
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While my mind is still fresh on this topic, after talking to a friend of mine about the whole FNB PayPal thing, here is my view.
To be honest, it really grates my carrot, this whole scenario. Now don’t get me wrong, I do like FNB, I do bank with them and they always sort out my queries (mostly via their twitter account manager). But the way they brought PayPal into this country is not something I am totally happy about.
Yes, we now have PayPal in South Africa. Great. Or is it? On the surface, only FNB account holders have access to it. Great if you are an FNB client, a little more tricky if you are not. It’s a great business move from FNB but the problem lies in the fact that FNB now have a complete monopoly over PayPal in South Africa.
Is this a true PayPal offering? No. We are still bound to using dollars. How that works is beyond me. Does FNB make a small profit on the exchange rates? If I deposit R500 now, you get charged fees at say a R7 exchange rate. Then, if you want to draw the money out two weeks later, you pay fees again and whatever the exchange rate is, which means you LOSE money. I don’t like that! Do you?
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I met with Chris Savides the other day for a bit of an update on PayPal and they are waiting for PayPal to institute the rand currency. That will change the PayPal offering in South Africa quite significantly from a merchant perspective.
He also said that as volumes head up they might start looking at reducing costs on a user by user basis.
I guess baby steps but apparently they are also making some announcement with Silicon Cape in the next few weeks so will be interesting to see what comes out of that.