Telecommunications firm Safaricom has introduced the Standing Order feature on M-Pesa. The new feature has been dubbed as M-Pesa Ratiba.
“M-Pesa Ratiba is a feature that allows M-Pesa registered customers to set up recurring (standing order) payments from their M-Pesa account to other customers or a Lipa na M-Pesa shortcode. This can be used for services such as paying rent, utility bills, or school fees, among others,” the company said in a statement.
“This service is available to all M-Pesa registered customers through their personal M-Pesa accounts and will apply when they send money to other users’ personal M-Pesa accounts or make Lipa na M-Pesa payments to M-Pesa Buy Goods, Business tills, and Paybills.”
According to Safaricom, M-Pesa Ratiba Standing Order feature will be available via USSD *334# on Option 9. This channel will allow the automatic model only. It will also be available on M-Pesa Ratiba Mini-App on the M-Pesa Super App. This channel will allow both automatic and reminder subscriptions.
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“You will be able to create diverse types of recurring payment transactions by defining the transaction type (Paybill / Buy Goods / Send money), amount, due date, time of payment, recurrence (daily, monthly, weekly),” states Safaricom.
“You will also be able to view of the total set budget amount against M-Pesa balance, all existing subscriptions and their due dates and transactions history on the mini-app.”
Under the new feature, customers will incur zero penalties for cancelled or failed standing order transfers that may occur due to insufficient balance.
They will also be able to set how long the standing order shall be in place for, and pause or revoke the order whenever they wish to do so at no extra fee.
“Transfers will be effected automatically if one has sufficient funds in their M-Pesa,” Safaricom states.
