Safaricom users will soon be able to make transactions online thanks to the telco’s new partnership with global online payments platform PayPal and TransferTo, a cross-border mobile payments network.
The new service will allow movement of funds between M-Pesa and PayPal accounts, which is expected to boost Kenyans’ access to international e-commerce.
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 worldwide.
“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 e-commerce industry”, said Joseph Ogutu, Safaricom’s director for strategy.
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 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 Middle East, Africa, and Russia.
The new service will give Kenyan businesses the opportunity to boost their reach and grow internationally.