Kenya’s hugely successful mobile money service M-PESA is getting a rather important addition to its functionality today.
A collaboration between Safaricom, PayPal and TransferTo has led to M-PESA users being able to link a PayPal account and M-PESA wallet to facilitate transactions at merchants around the globe.
“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 to withdraw and add money to their accounts while participating in the global digital economy,” PayPal general manager for the Middle East, Africa and Russia region Efi Dahan said in a statement.
M-PESA has approximately 27 million registered users.
The real benefit of adding PayPal functionality is that Kenyans will now be able to offer goods and services to some 210 million PayPal users because they can now receive those funds easily.
“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 eCommerce industry,” Safaricom director Joseph Ogutu said in a statement.
Users will need to set up a PayPal account which can then be linked to their M-PESA wallet. From there PayPal accounts can be topped up in real-time using M-PESA and withdrawals from PayPal can happen in three hours or three days depending on the withdrawal amount.[Image – CC BY 2.0 Rosenfeld Media]