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
NAIROBI, Kenya – (BUSINESS WIRE / AETOSWire) – 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.
“We are proud to be chosen by these two world-class payment providers to bridge the gap between the services offered in developed countries and those available in emerging markets – which is the cornerstone of TransferTo’s mission.” said Peter De Caluwe, CEO of TransferTo. “This service marks a milestone in the evolution of cross-border mobile payments, as TransferTo’s technology creates a fundamental link between M-PESA users in Kenya and PayPal’s global network and connects buyers and merchants.” Kenyans to the world of global e-commerce. Said De Caluwe.
The service is now available online for all Kenyans with PayPal and M-PESA accounts.
To sign up for the service and for more information please visit: www.paypal-mobilemoney.com/m-pesa.
About PayPal
Motivated by the fundamental idea that access to financial services creates opportunities, PayPal (NASDAQ: PYPL) is committed to democratizing financial services and enabling individuals and businesses to join the global economy to thrive. . Our open digital payments platform provides the 277 million active PayPal account holders with the confidence to interact and trade with innovative and robust methods, whether online, from a mobile device, a application, or in person. Through a combination of technology innovation and strategic partnerships, PayPal is creating new ways to manage and move money, while offering the flexibility to choose when to pay or get paid. Available in more than 200 markets around the world, the PayPal platform, as well as Braintree, Venmo and Xoom, allows consumers and merchants to receive money in over 100 currencies, withdraw funds in 56 currencies and manage their accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For financial information on PayPal, visit https://investor.paypal-corp.com
