In what seems to be “a dream come true” to many online workers, Safaricom has announced a partnership with PayPal and mpesa that will allow M-Pesa users to receive money from any PayPal account across the world directly into their M-PESA accounts in real time.
This comes in as a sigh of relief to the online workers community and the growing E-Commerce sector who have experienced difficulties in making withdrawals for their hard earned cash.
This collaboration is powered by TransferTo which operates a global Cross-Border Mobile Payments Network for emerging markets and is the technology partner underpinning this strategic collaboration.
“PayPal’s collaboration with M-PESA is part of the company’s long-term strategy to enable eCommerce and democratise financial services on the African continent,” says Efi Dahan, General Manager for the Middle East, Africa and Russia, PayPal. “We are excited to bring the M-PESA mobile wallet and PayPal joint services to the Kenyan market, which makes it more convenient and secure for users to withdraw and add money to their accounts while participating in the global digital economy.”
The service is now live and available to all Kenyans with qualifying PayPal and M-PESA accounts.
How to Register for Paypal to Mpesa Service
To register for the service please visit: www.paypal-mobilemoney.com/m-pesa.
The mpesa to paypal paybill Number
Users will be able to use the paybill NO.800088 to load their paypal via mpesa.
Mpesa to Paypal Charges
For Top Ups, you will be charged a 4% conversion fee. In addition, for Top Ups, M-PESA will charge you a customer-to-business pay bill charge (the “Paybill Charge”).
Top-Ups will generally be processed in real-time but may take up to 4 hours to be reflected in your PayPal account.
How to Withdraw Money from Paypal to Mpesa
Transferring funds between PayPal and M-PESA in Kenya is a convenient service for users needing to move money between these platforms. Here’s an updated overview of the associated charges and processing times:
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Conversion Fee: A 3% currency conversion fee is applied to the withdrawal amount.
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Processing Time: Withdrawals are typically processed within minutes, a few hours, and 3 calendar days, depending on the transaction amount.
Top-Up from M-PESA to PayPal:
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Conversion Fee: A 4% currency conversion fee is applied when topping up your PayPal account from M-PESA.
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M-PESA PayBill Charges: Standard M-PESA PayBill fees apply based on the transaction amount.
Important Considerations:
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Transaction Limits: M-PESA has daily and per transaction limits. Ensure your transactions fall within these limits to avoid delays.
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Exchange Rates: The applicable exchange rate is displayed before confirming each transaction, allowing you to review the rate and associated fees.
This service, facilitated by a partnership between PayPal, M-PESA, and TransferTo, offers a seamless way to manage funds across platforms. Always verify the latest fees and processing times on the official PayPal Mobile Money Service with M-PESA page or the Safaricom M-PESA website, as terms may change over time.