PayPal Enters First Bank Partnership In MENA

Paypal is making a push in the Middle East with a new partnership with Qatar National Bank, or QNB, as it is commonly known.

The fresh partnership will give QNB customers more payment options when shopping online as well as access to other PayPal amenities, reported Wamda. PayPal recently launched operations in Egypt in March of this year, and its contract with QNB represents PayPal’s first bank partnership in the Middle East.

Interesingly, PayPal reported that only a third of MENA consumers shop online, and a MENA survey conducted by Northwestern University reported that only 3 percent of consumers in Qatar buy online.

With such low figures, why did the company choose to target this region? Additionally, what will PayPal’s presence mean for eCommerce and consumers in Qatar?

eCommerce

The partnership allows users to top up PayPal accounts after linking them to a credit or debit card. Once the account is good to go, customers can use it when they are making online payments. Despite the low percentage of online shoppers in Qatar, both PayPal and QNB are hoping to coax consumers into the online marketplace. They aim to encourage further adoption for eCommerce by helping secure the online payments process.

Wamda reported that Ali Rashid Al Mohannadi, executive GM and CEO at QNB explained, “PayPal is trusted throughout the world to enable millions of consumers to shop safely and conveniently online and through their mobile phone each day,” Mohannadi said in a statement.

“This agreement allows our customers to enjoy greater flexibility and security when making online purchases with PayPal.”

QNB is also hoping to tap into the increasing number of consumers with a smartphones, and believe that offering better flexibility will prove conducive to market growth.

Added Value For Consumers

Services will also enable customers to send money to family and friends by entering their email address on the QNB website. They can send money both internationally and domestically, and can send to anyone with a PayPal account.

The companies hinted that their partnership would be rolling out additional functions and services for users within the next month to come, and stated this is only the first step in a long-partnership. 

“This partnership is a major milestone on our exciting journey in the Middle East and North Africa,” QNB stated.

To read the full story at Wamda click here.