Among all the services that Equity provides in the diaspora, PayPal tops the list since it accounts for about 70% of these. PayPal recently underwent an upgrade which saw the system increase the volumes of transactions and now processes withdrawals within three days, five days less than the previous threshold. Based on Equity Bank’s statistics, PayPal users have increased by 47% from December last year to March 2017 and the numbers by 21%.
According to the bank’s CEO during an event several months back, the Bank is laying focus on international money transfer and sees it as an imperative income stream of the century. He also added the achievements so far achieved by partnering with PayPal are an indication of the power behind their services and systems.
Equity Bank allows transactions for PayPal account holders in 25 currencies which are also transferrable by PayPal. In addition, PayPal has allowed the bank to utilize its reputation to attract more customers, which has been identified to be built by more than 188 million users across over 200 global markets as reflected by the numbers of accounts.
Many users prefer PayPal due to its convenience, characterized by acceptance across many platforms. In addition, the platform is very secure which can be shown by the success by millions of users across the globe. Payments can be made both locally and internationally and one does not have to use a credit number in every transaction. This allows for indirect transactions between buyers and sellers, and thus, personal or financial information cannot be shared.
The Small and Medium Enterprises (SMEs) have experienced increased growth, thanks to globalization, which has broken down the boundaries of business. Using the Internet, the world has managed to connect digitally, thus allowing the very basic buyer access to global markets. This has allowed both demands and supplies to reach these international markets easily. Telecommuting has also changed the approaches to employment, and now people can work with organizations across seas. All these changes require that business, or individuals, for this matter, understand the importance of expanding their target market bases as well as places to apply their skills.
Equity Bank is devoted to providing solutions which as customer-oriented, among them the use of internet and mobile banking. The company aims at making Kenya a significant contributor to the global economy, which seems to be well done so far. The country is increasingly experiencing growth in the e-commerce sector, contributed by the increased internet penetration and connectivity.