PayPal (hopefully) coming to South Africa...

Show me the MONEY!!!

So according to a multitude of sources PayPal is actually (finally) chatting to a local bank, FNB, about setting up in good old South Africa. This is awesome news, as while we’ve always been able to pay via PayPal, we South Africans have never been able to receive money.

In this day and age of shopping all over the world via the internet, that was a bit of a problem. Think about it: you buy something from a Redneck on eBay (gun rack anyone?). Once it arrives, you realise that it is in fact a big steaming pile of dog…. So you furiously email (CAN you actually furiously email? How exactly? Caps lock? “Ooooohhhhh he must be pissed – it’s all in uppercase. Noooo not the dreaded uppercase! Better not mess with him or he’ll slay our LAN game characters! LOL fail.”) the seller and demand a refund.

“No problem y’all” he drawls once he puts down his morning beer. “Ay’ll jist send y’all a refund on that dern PayPal whotsit.” FAIL – you can’t receive on PayPal, so you can’t get your money.

Another example: I occasionally write articles for an American sports website (brag brag brag). Wiring money to me in SA is a bit of a mission for them, so they insist on paying me by PayPal.

Hmmm…. what’s a Seffrican to do? I have to create a product listing for each article on 2checkout.com. I then have to send a request for payment for the ‘products’ to the American company. They are able to pay the invoice via PayPal. But here’s where I get screwed (and not in the rather good Jessica Alba kinda way):

PayPal charges a commission. Then 2checkout.com charges a commission. Then when they wire the money to me in SA the wire-transfer company charges a commission. Then my local bank charges a commission for receiving Forex…

Doesn’t exactly leave me with much to justify the work, now does it? I do all the work, everyone else gets the cash.

At least by having the ability to receive via PayPal direct to my local account I’ll get to cut out one or two of the money-grabbers…

Here’s a bit more of the detail stuff, as posted on popular local blog iMod:

Everyone has been talking about PayPal in South Africa and more recently about FNB and PayPal bringing PayPal to South Africa teaming up.

Today, Virginia Magapatona, head of corporate communications at First National Bank, confirmed that FNB is in discussions with PayPal and the South African Reserve Bank and that further information will be released in due course.

This is an exciting time for South Africans, gaining access to PayPal will open up a huge number of doors and not to forgot the introduction of a huge amount of fresh money into our economy!

Original Article.

Schweet. Here’s hoping the talks go well and it actually does happen.

Although… is this what we’re getting ourselves in for? Click image to enlarge in a new window/tab