First National Bank in Johannesburg has announced an alliance with PayPal Inc. to make it easier to use the eBay Inc. unit's system in South Africa.
The First Rand Bank Ltd. unit said it would automatically convert any money received through a PayPal account into South African Rand when that money is transferred into a First National account.
The arrangement "enables international businesses and individuals to transact with South African service providers through a secure and convenient payment service," Michael Jordaan, First National's chief executive officer, said in a press release.
