Safaricom customers can now instantly move money from Paypal to MPesa. This follows a partnership between Safaricom, PayPal and TransferTo, Safaricom customers will now be able to seamlessly move money between their M-Pesa and PayPal accounts.
The move comes days after Equity Bank slashed most charges for its PayPal withdrawal service, with new tariffs that will see users pay as low as one per cent on large withdrawals made from the account.
M-Pesa customers can now link their PayPal accounts to their M-Pesa wallets, enabling them buy goods and services from merchants around the globe.
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.
It will allow local businesses to sell goods and services to more than 210 million active PayPal users across the globe in up to 25 international currencies.
“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 Safaricom director for strategy Joseph Ogutu.