PayPal and Cairo Amman Bank have agreed to integrate PayPal services to the Jordanian banking platform, aiming to facilitate e-commerce transactions for the bank’s individual and institutional customers.
According to the deal, CAB customers will be able to open separate PayPal accounts with the bank and link all their accounts with each other. They will also have access to millions of other customers and merchants who use PayPal as an e-payment platform.
CAB customers, individual or institutional, will also be able to manage the transfers between their accounts easily and securely via the bank’s online branch. They can top up their online accounts and, for the first time in the MENA region, withdraw money from their PayPal accounts through direct transfer to their CAB account. The parties believe that new features will give online merchants in the country more flexibility in managing their businesses and encourage new ones to join online the banking system, starting to accept e-payments.
This is PayPal’s second partnership with a regional bank. Having entered the MENA market in late 2012, the US company inked the first deal of this kind with Qatar National Bank in November last year.
Laurent Wakim, PayPal’s Regional Director for the MENA region, said in an announcement, “We are very excited about this partnership with Cairo Amman Bank. Jordan is at the forefront of adopting new technologies and through this cooperation we are hoping to enable more merchants and consumers from the Kingdom to enjoy online shopping easily, conveniently and safely. We are also very excited to enable merchants withdrawals for the first time in the MENA region. Merchants using PayPal can now transfer funds from their PayPal accounts into the CAB accounts, granting them more control and flexibility over their funds. We hope this will also enable more businesses to start accepting online payments.”
Yazeed Al Mufti, Chairman of the Cairo Amman Bank, commented “PayPal service is not only an electronic alternative of the traditional means of payment such as cheques and money orders. However, it is fastest and easiest way to pay online and transfer money as well the safest against electronic piracy.”