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BY NAMULONGO PETER,NAIROBI,9TH APRIL 2018-Mobile phone services provider company Safaricom has entered into partnership with global online payment service paypal and Transfer To.The agreement will enable Safaricom users to make payment transactions online a cross-border mobile payments network.
The 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.
“M-Pesa’s collaboration with PayPal will open up global marketplaces and the global economy to millions of Kenyan and Kenyan-based businesses and individuals.
“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 Joseph Ogutu, Safaricom’s director for strategy, .
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.
Furthermore business men and shoppers to more than 18 million merchants around the world through PayPal, the new service will also allow local businesses to sell their goods and services to more than 210 million active PayPal users around the world in up to 25 international currencies.