Kenyan mobile network operator Safaricom has joined forces with payments platforms PayPal and TransferTo to enable Kenyans link their PayPal accounts to their M-PESA wallets.
Having PayPal accounts is a prerequisite for customers planning to access this service. The account can be topped up in real-time through M-Pesa balances and funds can be withdrawn in few hours to three days based on the amount of money involved.
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The service supports up to 25 international currencies. TransferTo, a cross-border mobile payments network, is the technology partner underpinning the alliance.
PayPal general manager for the Middle East, Africa and Russia Efi Dahan said: “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.”
Safaricom director of strategy Joseph Ogutu added: “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.”
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By GlobalData
