PayPal, M-Pesa ink deal to ease online payments
Safaricom users will now be able to make transactions online thanks to a partnership with conglomerate PayPal, an online global payment platform and TransferTo, a cross-border mobile payments network.
The new service will allow movement of funds between M-Pesa and PayPal accounts, a huge boost to eCommerce.
Qualifying M-Pesa customers in Kenya can link their PayPal accounts to their M-Pesa wallets, enabling them to easily buy goods and services from merchants around the World.
“M-Pesa’s collaboration with PayPal will open up global marketplaces and the global economy to millions of Kenyan and Kenyan-based businesses and individuals. Beyond money transfers, this development ushers in a new era of speed and convenience beyond borders, as we work towards innovating robust platforms through which more entrepreneurs and consumers can benefit from the growing eCommerce industry”, said Joseph Ogutu, Director – Strategy, Safaricom.
To make online purchases, customers will be required to set up PayPal accounts, which they can top up in real-time using their M-PESA balances.
Customers can then withdraw funds within a times pan of few hours to three days, depending on the transaction amount.
In addition to linking Kenyan businesses and shoppers to more than 18 million merchants around the world through PayPal, the new service will also allow local businesses to sell their goods and services to more than 210 million active PayPal users around the world in up to 25 international currencies.
“We are excıted to brıng the M-PESA mobile wallet and PayPal joint services to the Kenyan market, which makes it more convenient and secure to withdraw and add money to their accounts while participating in the global digital economy,” said Efi Dahan, PayPal General Manager for the Middle East, Africa, and Russia.
The new service will give Kenyan businesses the opportunity to boost their reach and grow internationally.
To qualify your accounts and transact between the two services, please visit the M-PESA PayPal portal on www.paypal-mobilemoney.com/m-pesa.