PayPal, Safaricom and TransferTo Announce Collaboration in Kenya

Apr 13, 2018 | Financial Afrik

New service enables global e-commerce on the African continent and allows M-PESA users in Kenya to shop with PayPal merchants worldwide and allow Kenyan online businesses and freelancers to sell securely and transfer funds between their PayPal and M-PESA accounts.

PayPal and Safaricom announced a revolutionary collaboration that allows Kenyans to easily transfer money between their M-PESA and PayPal accounts. The new service removes the significant barriers that have prevented domestic consumers and businesses from taking full advantage of global e-commerce. “PayPal’s collaboration with M-PESA is part of the company’s long-term strategy to enable e-commerce and the democratization of financial services on the African continent,” said Efi Dahan, General Manager for the Middle East. East, Africa and Russia. “We are excited to bring the M-PESA mobile wallet and PayPal joint services to the Kenyan market, making it more convenient and secure for users to withdraw and add money to their accounts while participating in the global digital economy. “The cooperation of M-PESA and PayPal will open global markets and the global economy to millions of Kenyan businesses and individuals in Kenya,” said Joseph Ogutu, Director of Strategy at Safaricom. “This development opens a new era of speed and convenience across borders, as we work to develop innovative, robust platforms that enable entrepreneurs and consumers to benefit from international cash transfers and the growth of e-commerce.”. M-PESA has revolutionized the mobile payments space by giving Kenyans the flexibility to make payments quickly and easily from any mobile phone. The new service allows Kenyan consumers with an M-PESA account to shop in online businesses around the world. With this new service, Kenyan business and freelance workers are now able to sell more easily to customers around the world, benefiting from PayPal’s secure and reliable technology to collect their payment, and the newly launched service to transfer their payment. money in their M-PESA wallet. TransferTo operates a global cross-border mobile payments network for emerging markets and is the technology partner behind this strategic collaboration. Read more on Financial Afrik. Source: Financial Afrik