Safaricom , PayPal and TransferTo have today announced a collaboration on a new paypal M-pesa service that will allow movement of funds between M-PESA and PayPal accounts, a huge boost to international eCommerce.
The new service will allow Kenyans to sell and buy globally by linking their PayPal and M-PESA accounts. Qualifying M-PESA customers in Kenya can link their PayPal accounts to their M-PESA wallets, enabling them to easily and securely buy goods and services from merchants around the globe.
In addition, M-PESA customers can still receive and withdraw money from more than 140,000 agents across the country.
Similarly, the new service will give Kenyan merchants the opportunity to boost their reach and grow their business internationally.
M-PESA’s collaboration with PayPal will open up global marketplaces and the global economy to millions of Kenyans and Kenyan-based businesses. 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.
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 timespan of few hours to 3 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 across the globe in up to 25 international currencies.
PayPal’s collaboration with M-PESA is part of the company’s long-term strategy to enable e-commerce and democratise financial services on the African continent.
To qualify your accounts and transact between the two services, please visit the M-PESA PayPal portal on www.paypal-mobilemoney.com/m-pesa.