The transfer of money online has been widely accepted globally. Most people find it easy to transfer their money through wireless methods regardless of their location. A few times back, one had to transfer the money physically to the desired bank, but online payment has made it easy for people and businesses.
But what most people don’t know or take into consideration is the cost of transfer and the security measures taken by the preferred payment platform to avoid problems like fraud. The rise of payment via online has had a positive impact and has helped many businesses to thrive and made work easier.Online payment in Kenya is being widely accepted and businesses are finding it easy to recieve payments and pay bills using online payment platforms without neccesssarily being physically present. In this article, we will take you through various platforms that carry out online payment in Kenya and the factors to consider while choosing them.
Global payment solutions
This is one of the most common and widely accepted platforms. It enables online writers to send and receive money from clients online in over two hundred countries. Linking your bank account to your PayPal account and receiving money in a few days is what makes most people widely accept it.
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Pioneer
This is a payment platform that allows the transfer of money from a client to a freelancer in over two hundred currencies. Individuals and businesses can withdraw their money directly from their local banks.
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Skill
Skrill is one of the platforms used as online payment in Kenya that transfers money fast and instantly to freelancers and businesses at large. It offers low transaction fees and also buys crypto with a digital wallet. For security purposes, the user’s accounts are protected from fraud and malicious activities through two-factor authentication and encryption.
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Authorize.net
This payment system offers a variety of payment processes based on the customer’s preferences. They include card readers, virtual terminals, manual orders, and others.
It is also equipped with a fraud prevention tool and reliable and detailed reporting.
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Wise
A payment platform known for its low cost and affordability across 70+ countries. This platform protects its users from any hidden fees.
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Stripe
An online money transfer platform that facilitates both in-person and online payment. Stripe also supports credit cards, digital wallets, Google Pay, and Apple Pay.
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2Checkout
Now known as Verifone, it is a payment system that allows writers and businesses to receive money in different methods, like credit cards. It also supports payment in different currencies via debit and credit cards and mobile payment.
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Square
Square is a system of money transfer that allows its users and businesses to accept payment in different forms, including credit and debit cards and mobile wallets like Google Pay and Apple Pay.
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Veem
Veem is a payment platform that facilitates online payment, particularly for small businesses. It also offers the ability to send and receive money in local currencies.
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transferGo
This is an international money transfer that offers a range of money transfer services without excessive bank fees.
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Zelle
A digital payment system in the US that facilitates online payment or person-to-person payment directly to their bank account.
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Cash app
This is mostly a peer-to-peer (P2P) payment app used for quick and easy money transfer. In addition to this, it offers features like trading in Bitcoin, investing in stocks, and filing taxes.
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WePay
This is a payment platform and a digital wallet that offers features like touchless ATM withdrawals and low commission rates.
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Direct bank transfer
As the name suggests, it is a secure and convenient method of money transfer between bank accounts without the use of cheques or cash.
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Mural
This is a system used for online payment in Kenya that facilitates financial transactions mostly for people and businesses internationally.
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Paysimple
This is a payment platform that facilitates the transfer of money from a client to a writer online. It also has customized, secure ASPs, including direct debit and credit card processing and recurring billing at some of the lowest available rates.
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Xoom
An international money transfer method that allows people and businesses to send and receive money easily, quickly, and affordably.
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Amazon payment
Electronic payment system developed by Amazon allowing users to make payments online that are associated with Amazon accounts.
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Novi
An online payment system that supports more than 150 currencies and cryptocurrencies.
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Escrow.com
An online money payment method in which a company serves as a third party to facilitate financial transactions between people or businesses. The company acts as a neutral third party.
A peer-to-peer digital payment system that does not rely on banks to verify financial transactions. It is stored in digital wallets.
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Moncler
A cloud-based online payment in Kenya that accepts both one-time and recurring payments. It also supports subscriptions and donations as payment methods.
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AirTM
A payment platform used for sending, receiving, and storing money in different currencies. This form of online payment in Kenya allows users to buy USDT in AirTM USD.
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Intuit GoPayment
This is a payment solution developed by Intuit to accept credit card payments using mobile devices. Through GoPayment as solution for online payment in Kenya, businesses can automatically sync their quickbooks online hence reducing manual data.
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Google wallet
A private and secure wallet that enables you to access payment cards, loyalty cards, and digital identification cards.
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Adyen
Online payment platform designed to accept payments using credit and debit cards and wire transfers. This online payment in Kenya supports various local payment methods, including M-Pesa and traditional card payment.
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JamboPay
Online payment in Kenya that facilitates financial transfers through mobile phones via the internet.
Payment service in which clients can make payments either through mobile money, card or mobile banking. It offers various ways of payment, including point-of-sale system and real-time settlement, making it an acceptable solution for online payment in Kenya.
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Ipay Africa
An online payment in Kenya that allows you to make payments through internet banking to people or businesses. It supports various local mobile money payments like M-Pesa and Airtel, card payments, and PesaLink.
Methods of online payment in Kenya.
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Pesapal.
Clients can make payments either through mobile money, card or mobile banking using Pesapal, a solution for online payment in Kenya.
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M-Pesa.
A mobile-based money transfer platform launched by Safaricom and Vodafone, it is the largest mobile operator in Kenya. Customers can deposit and withdraw their earnings at any time and are offered a flexible and affordable fee. This platform, widely used as an online payment in Kenya, is widely acceptable.
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JamboPay
Online payment in Kenya that facilitates financial transfers through mobile phones via the internet. mobile Key features include bill payments, mobile wallet payments and secure fund disbursement.
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Airtel Money
A mobile-based money transfer system used in Kenya allows people to send and receive money and purchase goods and services. It is convenient and offers a flexible, transaction-friendly fee. This form of online payment in Kenya enables users to receive money through peer-to-peer transfer, bill payment and financial transactions all over the country.
Payment gateways
These are essential services that authorize and process credit cards, debit cards, and other online payment modes for transactions.
i) Types of payment gateways in Kenya
a) Hosted payment gateway
Customers are redirected to the gateway’s secure page for payment then back to the merchant
b) integrated (direct/on-site)
This gateway keeps customers on the merchant’s site for payment through APIs. It requires developer skills and strong data security measures.
c) Self-hosted getaway
You are required to collect and submit payment data from your own gateway and are given full control of user experience and checkout flow. This getaway is best for large businesses with strong security.
d) Mobile payment gateway
This type of getaway is developed for mobile devices and apps using mobile money, and it supports quick payments via smartphones.
e) regional getaway
Designed for specific regions or countries with local banks and accepts currencies and payment methods familiar to them.
Factors to consider when choosing an online payment platform in Kenya
One should choose a platform that best suits their business to enhance customer satisfaction. Here are some of the key factors to consider when choosing an online payment platform.
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Security and compliance
Make sure that the platform you wish to make payments with adheres to the Payment Card Industry Data Security Standard to protect your data.
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Encryption and fraud detection
Look for features like encryption to help you safeguard your information and transactional information. Also, ensure you look for tools to help you identify and prevent fraudulent activities.
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Card payment
Ensure that your payment method of choice supports major cards like credit cards and debit cards.
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Mobile money
Consider choosing platforms that support mobile money options.
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Transaction fee
Choose an online platform where the charges will not be a burden to you or your client.
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Other fees
Beware of potential refund fees or international transactions.
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Transparency in charges
Choose a system that provides a clear and transparent fee structure.
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Responsiveness to customer service
Reliable customer support is key in case need arises
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Multiple currency support
Choose a platform that supports currencies from different countries.
FAQ
Which payment method is most successful?
Card payment: almost 49% of the world’s population use debit cards
Which is the best payment system for a small business?
Venmo, PayPal, Square, Stripe, Google, and Apple Pay.
Conclusion
Choosing the right platform for online payment in Kenya is crucial and requires thorough analysis. Above are some of the considerations you should look at before choosing a payment platform. Choose a platform that best suits your business and customers’ interests.These online payment solution have not only boosted financial inclution but also empowered mobile money transfer and E-commerce and bussinesses are adopting this platforms. Kenya remains a leader in mobile and online payments across Africa, with continuous innovation shaping its financial future in online payment.