Cairo Amman Bank introduces PayPal services to promote electronic commerce in Jordan

April 23, 2014 3:01 pm

Cairo Amman Bank has recently ratified a partnership agreement with PayPal, the leading global provider for online payment services, with a view to grant its customers and Jordanians as a whole a more secure shopping option through the internet and to benefit from the other distinctive services provided by PayPal.

PayPal has acquired a high confidence in all parts of the world; enabling millions of consumers to shop online safely and easily every day, and this agreement grants our customers more flexibility and security.

Customers of Cairo Amman Bank can create their own PayPal account using the CAB’s online banking platform in order to link their accounts and begin immediately using the account for shopping needs across the World Wide Web. CAB customers will also be able to manage funds in their PayPal account directly through the bank’s online banking platform using the Instant Top-Up, Send Money and Withdrawal tabs.

Additionally, and for the first time in the MENA region, PayPal is enabling merchant to withdraw money from their PayPal accounts through direct transfer to their CAB account. This feature will allow merchants more control over their funds, and provide them with more flexibility to manage their business in addition to encourage those who aren’t online yet to start accepting e-payments. This is a very important function, especially for startups that need cash-flow and as much access to capital as possible.

The services will also benefit local and international merchants to manage their online financial transaction and acquire new exposure in Middle Eastern markets. Cairo Amman Bank integration of PayPal services in its user-friendly online banking platform will give merchants access to their portfolio at their fingertips. This will also allow CAB customers access to millions of buyers and merchants around the world who use PayPal to manage e-payments.

PayPal’s Regional Director for the MENA region, Laurent Wakim, commented “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.”

From his part, the Chairman of the Cairo Amman Bank, Yazeed Al Mufti added; “The signing of PayPal’s agreement with the bank is one of the leading financial services provided by CAB offering extended financial solutions for its customers and a convenient and innovative way for them to shop online over the internet and send money to anyone with simplicity.”
Al Mufti explained that “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.

Cairo Amman Bank’ vision for this partnership with PayPal is initiate the e-commerce boom in Jordan, and guide CAB’s distinctive journey to become leading bank in the region and set new heights for the industry in providing technology for the future and enabling secure, easy and user-friendly platforms.