The outcome follows the upgrade of the PayPal digital system that is now able to process customers’ withdrawals in three days, down from the eight business days.
Data from the bank shows that the number of PayPal users increased by 47 per cent from December 2016 to March 2017.
PayPal is a payment service that enables a customer to accept payments, pay for goods and send or receive money without revealing one’s financial information.
Income generated through online payment platform PayPal has accounted for close to 70 per cent of all Equity Bank #ticker:EQTY diaspora banking revenue.
The bank said this was a result of an increase in the volume of transactions following the upgrade of the PayPal digital system that is now able to process customers’ withdrawals in three days, down from the eight business days.
Latest data from Equity Bank indicate that the number of PayPal users increased by 47 per cent from December 2016 to March 2017.
The volume of transactions also increased by 21 per cent in the same period.
Equity Bank Group chief executive James Mwangi speaking at the lender’s 2016 full-year results announcement in March said the bank would focus on global money transfer as an alternative income stream.
“The success of the bank’s innovation with the PayPal platform has shown significant growth, depicting the power of FinTech on fully automated processes,” he said.
The bank is expected to issue the latest PayPal figures during the release of its 2017 first quarter financial results.
PayPal is a payment service that enables a customer to accept payments, pay for goods and send or receive money without revealing one’s financial information.
Kenya shilling is not a PayPal currency but it is converted into other PayPal-enabled currencies such as the US dollar, euro, and British pound.
The lender maintains a limit of $10,000 per transaction. There is no charge when opening a PayPal account or purchasing items using the online account.
However, certain PayPal transactions attract fees, like the service charges of between 2.4 per cent to 3.9 per cent.
Others are $0.30 when receiving a payment and a 2.5 per cent currency conversion fee.
The bank charges 1.5 per cent of the US dollar amount per withdrawal.
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