Telecommunication giant - Safaricom - has introduced a new feature that will enable its users to directly transfer money between their PayPal accounts and M-Pesa hence participate more conveniently and securely in international eCommerce and the global digital economy.
A statement seen by Kenyans.co.ke from Safaricom's Director of Strategy Joseph Ogutu reads: “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."
"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," the company communicated.
[caption caption="People getting services from an M-Pesa agent"]
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"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," Ogutu stated.
The new feature also allows the customers to top up their PayPal wallets in real-time using their M-Pesa balances.
Besides, customers will be able to withdraw funds within a timespan of few hours to three days with the variation being dependant on the transaction amount.
PayPal is a global online funds transfer platform that facilitates payments by connecting to a user's credit card or account and is popular among online workers in Kenya.
The company has 227 million active account holders who connect and transact through a combination of technological innovation and strategic partnerships.
Their services are available in more than 200 markets around the world and consumers and merchants are able to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.
PayPal General Manager Efi Dahan added: “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.”
The announcement came a few days after Safaricom and Airtel announced a joint interoperability merger that will see their customers withdraw money across networks starting from April 10.
[caption caption="Online workers undergo government facilitated training dubbed Ajira Kenya "]
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Equity Bank which previously held the monopoly of PayPal transactions in Kenya introduced new tariffs in April that will see users pay lower charges on large withdrawals.
Here is a video explaining how the new M-Pesa, PayPal mobile money service works:
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