A few hours before mobile money interoperability goes live in Kenya, Safaricom has announced a partnership with PayPal and TransferTo that will allow M-Pesa users to receive money from any PayPal account across the world directly into their M-PESA accounts in real time.
Also, it will be possible for PayPal users in Kenya to load their PayPal wallets via M-Pesa PayBill number 800088. PayPal is believed to be using the partnership to target Kenya’s growing e-commerce sector, which is witnessing a surge in transactions as more people turn to online shopping as their appetite for convenience grows.
With this new development, Safaricom is going for Equity Bank’s lunch as far as remittances are concerned. Until now, PayPal withdrawals in Kenya were only possible through Equity Bank. In comparison to Equity Bank, Safaricom’s M-Pesa network is far much more accessible, through its 148,000 M-PESA agents around the country vis-à-vis Equity’s estimated 266 bank branches and 40,000 agents.
Money Transfer
The transaction between PayPal and M-Pesa is being powered by TransferTo, a B2B Cross-Border Mobile Payments Network for emerging markets. The money transfer will not be instant, meaning users will not see the amount reflect on their M-Pesa accounts until after a certain period, between four hours and up to 3 days, depending on the amount transferred.
There will also be no transaction charges on withdrawals but Forex charges will apply to the transactions. Deposits to PayPal via Mpesa Paybill will attract Paybill transaction costs.
All transactions are subject to M-Pesa transfer limits, meaning one can only transact a maximum of Kes. 70,000 per transaction with a daily transaction limit of Kes. 140,000. Compared to Equity Bank, this could be a bottleneck as the bank can handle larger amounts of money per transaction.
This move by mother green is in a bid to strengthen its market position as the number one mode of payments in the country, especially with mobile money interoperability right around the corner.
Read More: How To Withdraw and Deposit to Your PayPal Wallet via M-Pesa
Any sources quoted yet or this is just another clickbait??
Does this blog really do clickbaits?
FYI https://www.paypal-mobilemoney.com/m-pesa
Wrong response, I was just raising a question based on a similar one that was published over an year ago elsewhere, but turned out a hoax. At least the link being in the article makes it easier not to question. And yeah, this is a great move.
I could try to explain authenticity of this publication to you with regards to how it shapes tech stories, but I feel like that would almost certainly be pointless.
No need, I already asked questions and got answers from Saf confirming the same. I’ve stated why I had to ask the same. It’s all about some similar hoax that ran elsewhere. In this era of fake news, everything must be questioned as pointless as the question may sound. https://twitter.com/Safaricom_Care/status/983226509241540608
omg omg. Hii ni kali, must try this this week
https://uploads.disquscdn.com/images/051961b1656dcb3dc07b7357b3c2b164d61cff61506f0a72696a4ce2dea0205a.jpg
I have tried and its working rather well considering you wait for only 2 hours
How do you withdraw from PayPal to Mpesa?? Exactly.
Here’s how to: https://techweez.com/2018/04/09/m-pesa-withrawal-deposit-paypal/
Thank you
this is always how i dreamt heaven would be like….leeggooooo!!!!!
There were these guys called Chura (https://www.chura.co.ke/) who did the Paypal withdrawals to MPESA. Guess their business is gone now.
https://uploads.disquscdn.com/images/68aabf2a3d06eff2760c57a1bb0ae9b502f839e9c06cc8715eabdc7ff8798359.png
I never heard of them
It’s been gone for years now. They said they faced challenges with service providers.
leoneagoya (:
[…] news that Safaricom and PayPal have brokered a deal via TransferTo to enable M-Pesa users to withdraw from and deposit into their PayPal wallets […]
[…] few days ago, Equity Bank revised its PayPal withdrawal fees, a move that has since seen new competition from Kenya’s number one telecoms operator, […]
Kenyan PayPal accounts only, because Paypal is such a local service. Stupid useless shit. Die Safaricom, die!
Sooo angry! Maybe get off the internet and go out into the world.
Anyway, I think it is to avoid fraud. M-PESA is a kenyan service. Why would they let foreign PayPal accounts use the service?
And other services in other countries do the same thing. Only allowing payments from PayPal accounts from that country only. Nothing new here.
Safcom though is going for a kill. Pocketing both ‘transaction fees’ and forex fees. Damn!
[…] which owns the groundbreaking cell cash service, has inked a deal with PayPal that may enable customers to obtain cash from PayPal accounts across the world directly into their […]
[…] which owns the groundbreaking mobile money service, has inked a deal with PayPal that will allow users to receive money from PayPal accounts across the world directly into their […]
[…] which owns the groundbreaking mobile money service, has inked a deal with PayPal that will allow users to receive money from PayPal accounts across the world directly into their […]
[…] which owns the groundbreaking mobile money carrier, has inked a tackle PayPal that will allow customers to gain money from PayPal accounts internationally without prolong into […]
[…] which owns the groundbreaking mobile money service, has inked a deal with PayPal that will allow users to receive money from PayPal accounts across the world directly into their […]
[…] which owns the groundbreaking mobile money service, has inked a deal with PayPal that will allow users to receive money from PayPal accounts across the world directly into their […]
[…] which owns the groundbreaking mobile money service, has inked a deal with PayPal that will allow users to receive money from PayPal accounts across the world directly into their […]
good newsto pat with our mobiles any time
[…] Kenya, conventional alternative payments such as card payments shouldn’t be declining. This year Safaricom partnered with PayPal to integrate sending of funds between the two platforms. This move could even injure the plastic […]
[…] Safaricom announced this partnership with PayPal two years ago as an alternative to withdrawing money from the international service. It allowed MPESA users to receive money from any PayPal account across the world in real time which was great news for people that use PayPal a lot. MPESA is used by over 25 million Kenyans of which some transact using PayPal which was a market waiting to be served natively by the two companies. Their main competitor is the Equity PayPal arrangement that has been on the market for a while now. […]
Comments are closed.