Cairo Amman Bank introduces PayPal services to promote Electronic Commerce in Jordan

paypal_logoAmman: 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.

About PayPal:

PayPal is the faster, safer way to pay and get paid online, via a mobile device and in store. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With 143 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 9 million payments every day. Because PayPal helps people transact anytime, anywhere and in any way, the company is a driving force behind the growth of mobile commerce and processed $27 billion in mobile payments in 2013. PayPal is an eBay (Nasdaq:EBAY) company and contributed 41 percent of eBay Inc.’s revenues in 2013. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore. More information about the company can be found at www.paypal.com.

About Cairo Amman Bank:

Establishment as a Jordanian public company in 1960, CAB has been keen on employing its strong capital and its five-decade, well-founded experience to play a distinguished leading role in promoting the national economy through providing a distinct and inclusive range of services and successful banking solutions that fulfill the various needs of its customers. CAB’s pioneer services added a new dimension to the society’s projects by financing the development projects as well as small, medium and micro projects that shore up the Jordanian economy. Additionally, CAB responds to its customers’ instant needs by providing personal loans based on the transfer of the borrower’s salary to CAB. It further provides investment services, credit cards, and bank transfers, using its outstanding integrated network of branches in Jordan and Palestine. CAB provides its customers with a wide range of assorted, innovated banking services that suit all customer categories and meet all their banking, financial and investment requirements.

Also, CAB offers a bunch of electronic banking services by means of its website, www.cab.jo, which enables the customers to undertake banking transactions from wherever they may be. These distinct services reflect CAB’s new corporate identity which exemplifies modernity and values of openness and camaraderie in the interest of all customers and to achieve maximum benefits free of traditional restrictions. In line with this, CAB made every effort to cover the entire Kingdom by establishing a presence at the Jordan post centers.

Being keen on making it easier to serve its customers, CAB established a large network of automatic telling machines installed at various areas in Jordan and Palestine. CAB takes pride in being the first bank in the world to introduce the iris print as a means of identification allowing customers to access their bank accounts and doing away with the ATM cards and the pass (secret) number. Thus, the system recognizes the customer and allows him to access his account and complete his banking transaction either at the service counter or at the ATM at the branches. This is done in order to make things easier for the customers and provide them with sufficient protection and security, as CAB believes in leadership in the use of modern technology in the banking sector.

With its banking efficiency, investment and financial capability, and outstanding experience, CAB proceeds forward to prop up the national economy and provide leading banking services that raise the standards of the Jordanian citizen.