New service will allow movement of funds between M-Pesa and PayPal accounts, a boost to international e-commerce.
Qualifying M-Pesa customers in Kenya can link their PayPal accounts to their M-Pesa wallets, enabling them to easily buy goods and services from merchants worldwide.
The new service is expected to give Kenyan businesses the opportunity to boost their reach and grow internationally.
Safaricom’s #ticker:SCOM M-Pesa service and PayPal have started instant transfers to and from each other.
Through a partnership between the leading telco, 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.
It will also help Kenyan merchants to boost their reach and grow business internationally.
“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.
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.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
