Safaricom has entered into a partnership with PayPal that will allow M-Pesa users to receive and send money from any PayPal account directly into their M-PESA accounts in real time.
PayPal said that this will enable Kenyan customers to buy items from global PayPal merchants and sell items worldwide.
This revolutionary product is powered by TransferTo, leading global Cross-Border Mobile Payments Network which interconnects financial institutions and digital financial service providers globally to facilitate real-time international mobile airtime top-ups and money transfers to and from emerging markets – all through one single API connection and one global compliance framework.
“PayPal’s collaboration with M-PESA is part of the company’s long-term strategy to enable e-commerce and democratize financial services on the African continent,” said Efi Dahan, PayPal’s general manager for the Middle East, Africa, and Russia, in a release.
“M-PESA’s cooperation with PayPal will open up global marketplaces and the global economy to millions of Kenyan and Kenyan-based businesses and individuals; “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 international money transfers and the growing eCommerce industry,” said Joseph Ogutu, Director of Strategy, Safaricom.
“We are proud to have been chosen by these two world-class payments providers to bridge the gap between the services offered in developed countries with those available in emerging markets – which is the cornerstone of TransferTo’s mission. This service is a major milestone in the evolution of cross-border mobile payments, in that TransferTo’s technology is creating a fundamental link between M-PESA users in Kenya and PayPal’s global network, and seamlessly connecting Kenyan shoppers and businesses to the global eCommerce world,” said Peter De Caluwe, CEO, TransferTo,
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.
You can register for free to start using this service now.