Business / News
Tuesday, 16 May 2017 13:39 EATjmwangangi@kenyafreepress.com
Revenues from online payment platform PayPal account for close to 70 percent of all Equity Bank's diaspora banking revenue, the bank has said in a statement, attributing the success to an increase in the volume of transactions following the upgrade of the PayPal system which is now able to process customers’ withdrawal transactions within three business days, down from the previous eight business days.
The latest statistics by the Bank indicate that the number of PayPal users increased by 47 percent from December 2016 to March 2017. The volume of transactions also increased by 21 percent in the same period.
Commenting on PayPal’s great performance during the 2016 Full Year Results, Equity Bank Group CEO James Mwangi said that the Bank is concentrating on global money transfer as an alternative income stream. He indicated that the success of the bank’s innovation with the PayPal platform has shown significant growth depicting the power of fintech on fully automated processes.
The service allows Equity Bank customers with a PayPal account to receive payments in 25 currencies from PayPal’s customer base. It also allows the bank to exploit PayPal’s global reach to tap into its existing customer base of more than 188 million active accounts based in over 200 markets around the world.
Another reason why people prefer using PayPal is the fact that it is accepted on multiple platforms and its very secure, in that once you’re registered and verified, you can buy items and make payments locally and internationally without having to enter your credit card details each time or requiring one to share their financial information with the sellers.