Kenyan users of the popular M-Pesa mobile wallet will soon be able to make purchases globally online through a collaboration between Safaricom, TransferTo and PayPal.
Safaricom users will be required to set up PayPal accounts, which they can top up in real-time using their M-Pesa balances. Users can then withdraw funds within a timespan of few hours to three days, depending on the transaction amount.
In addition to linking Kenyan businesses and shoppers to more than 18 million merchants around the world, the new service will also allow local businesses to sell their goods and services to more than 210 million active PayPal users across the globe in up to 25 international currencies.
Joseph Ogutu, director - strategy, Safaricom, says: “M-Pesa’s collaboration with PayPal will open up global market places and the global economy to millions of Kenyans and Kenyan-based businesses. Beyond money transfers, this development ushers in a new era of speed and convenience beyond borders, through which more entrepreneurs and consumers can benefit from the growing e-commerce industry."