Connecting Digital Purses: PayPal's Alliance with M-PESA in Kenya
In April 2021, the PayPal Mobile Money Service, a groundbreaking collaboration between TransferTo, Safaricom, and PayPal, was first made available in Kenya. This service has created a more integrated and accessible financial ecosystem for users, exemplifying the ongoing digital financial revolution in the region.
To utilise this service, users need both a Kenyan PayPal account and an M-PESA account. The registration process involves linking these two accounts, creating a unified financial ecosystem for users.
For those looking to top up their PayPal account using M-PESA, the process begins similarly by ensuring the accounts are linked and selecting the 'Top Up' option. Users can top up their PayPal account by navigating to the M-PESA menu on their mobile device, selecting 'Lipa na M-PESA', then 'Pay Bill'. The business number for PayPal top-ups is 800088, and the account number is the user's phone number.
The system displays the user's PayPal balance, which should be in US dollars. If the PayPal balance is not in USD, an additional confirmation step on PayPal's website may be required.
To withdraw funds from PayPal to M-PESA, users begin by selecting the 'Withdraw' option within the service interface. Users then enter the desired withdrawal amount in USD. After entering their M-PESA PIN, the transaction is sent for processing. The service redirects to a confirmation page, showing the equivalent amount in Kenyan Shillings, the current exchange rate, and an estimated processing time. The processing time for withdrawals varies depending on the amount, typically ranging from two hours to three days. Small fees may apply for these transactions.
The success of this integration in Kenya could potentially serve as a model for similar services in other regions. In 2024, Kenyan users can transfer funds between their PayPal and M-PESA accounts through the PayPal Mobile Money Service. This service has significantly simplified cross-platform money transfers for Kenyan users, making financial transactions more accessible and convenient.
The PayPal Mobile Money Service with M-PESA is a testament to the ongoing digital financial revolution in Kenya, providing a more integrated and accessible financial ecosystem for users.
Read also:
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- Innovative Garments and Accessories Producing Energy: Exploring Unconventional Sources for Renewable Power
- Electrified Opel Corsa GSE Concept (2025): Echoing the Performance of Lamborghini
- Latest Automotive Update, August 13: Introducing Ola Electric's latest scooters, MG Windsor EV sales hitting new highs, Mahindra BE 6 teaser unveiled, and more...
