With the recently announced partnership between QNB ‘the World’s Strongest Bank’ and PayPal, the leading global online payment service provider, QNB retail customers are set to enjoy many benefits while shopping online.
Once the agreement takes effect, QNB retail customers will also gain access to other premium services from PayPal.
“PayPal is trusted throughout the world to enable millions of consumers to shop safely and conveniently online and through their mobile phone each day. This agreement allows our customers to enjoy greater flexibility and security when making online purchases with PayPal.” — Mr. Ali Rashid Al Mohannadi, Executive General Manager and Chief Operating Officer of QNB
QNB’s retail customers will now be able to create a PayPal account through QNB website and link it to their payment card to immediately enjoy safe online shopping on several websites. These customers would also be able to top-up their own PayPal accounts through their QNB current account and transfer funds via PayPal to any email address through the QNB website.
In recent years, the online shopping market has achieved tremendous growth in the Middle East and North Africa region. It is estimated that 66 percent of consumers in the region use the internet to search for various products and services. However, only one-third of them make online purchases largely due to concerns about online shopping security.
To tap the large offline market, global players like PayPal have entered the Middle East market. Last year, the company announced the launch of its regional operations with an agreement with Aramex. Merchants in a total of seven Middle East markets in the Middle East can receive their funds locally through the PayPal service. These countries include Saudi Arabia, Jordan, Bahrain, Oman, UAE, Qatar and Kuwait. In the Middle East, the company is specifically focusing on mobile transactions, which make up about 10 percent of all PayPal’s activities. Over the next two years, PayPal expects to partner with up to 25,000 merchants in MENA to win 10 percent of the region’s e-commerce customers.