Safaricom, PayPal, and TransferTo have announced a partnership that will enable Kenyan users to make deposits and withdrawals between their PayPal and M-Pesa accounts. The announcement comes after Equity Bank reduced PayPal withdrawal tariffs last week.
“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 e-commerce industry,” Joseph Ogutu, Director of Strategy, Safaricom said.
The transactions between PayPal and M-Pesa will be enabled by TransferTo, through a single API connection. TransferTo is a global leader in cross-border mobile payments by facilitations transfer of money and airtime to and from emerging markets.
The new partnership eliminates challenges such as platforms that illegally conduct PayPal to M-Pesa transactions illegally, fluctuating exchange rates, and liquidating large amounts of money. At the same time, the new service is an opportunity for Safaricom to maintain its position as the go-to remittances platform.
Additionally, the new service is giving Equity Bank, which runs a withdraw service only, a run for its money
“We are excited to bring the M-PESA mobile wallet and PayPal joint services to the Kenyan market, which makes it more convenient and secure for users to withdraw and add money to their accounts while participating in the global digital economy,” Efi Dahan, General Manager in the Middle East, Africa and Russia, PayPal said.
The new service is live which means that users with M-Pesa and PayPal accounts can shop online from anywhere in the world or sell their services to global customers stress-free.
To register for the service and to access more information visit www.paypal-mobilemoney.com/m-pesa.