M-Pesa to PayPal withdrawals are now possible courtesy of a deal between the two payment solutions providers.
Facing strong accusations over unfair dominance in the market, Safaricom has responded in its usual way, Paypal users in Kenya can send their money directly to their M-Pesa accounts without passing through a bank as before.
Safaricom’s partnership with PayPal is meant to allow M-Pesa users to receive money from any PayPal account while also making it possible for Kenya’s PayPal users to load their PayPal accounts through M-Pesa’s PayBill no. 80088.
Safaricom’s announcement is meant to dilute the discussion of dominance in the market while promoting the firm’s “innovativeness.”
Paypal transfer in Kenya was previously one done easily through Equity Bank.
M-Pesa withdrawal will make the service accessible to more people in the country. TransferTo, a Mobile Payments service provider, is to link M-Pesa and PayPal in the deal.
Still, the money might take up to 3 days to access depending on the volume transferred.
Safaricom will surely earn more money through foreign exchange conversions.