PayPal and Safaricom announced a revolutionary collaboration that enables Kenyans to seamlessly move money between their M-PESA and PayPal accounts, the company said.
The new service eliminates significant barriers that have hindered consumers and businesses in the country from taking full advantage of global eCommerce.
M-PESA has revolutionized the mobile payments space by offering Kenyans the flexibility to make payments quickly and easily from any mobile phone. The new service makes it possible for Kenyan consumers with an M-PESA account to shop with online businesses across the world. With the new service, Kenyan businesses and freelancers can now sell to global customers more easily, enjoying PayPal´s secure and trusted technology to collect their payment and the newly launched service to move their money to their M-PESA wallet.
TransferTo operates a global Cross-Border Mobile Payments Network for emerging markets and is the technology partner underpinning this strategic collaboration.
PayPal (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. For more information on PayPal, visit https://www.paypal.com/about. For PayPal financial information, visit https://investor.paypal-corp.com.
Safaricom provides voice, data, financial services and enterprise solutions for a range of subscribers, small businesses and government, using a variety of platforms.
TransferTo is a global Cross-Border Mobile Payments Network which interconnects financial institutions and digital financial service providers globally to facilitate real-time international mobile airtime top-ups and money transfers to and from emerging markets — all through one single API connection and one global compliance framework.
The company is headquartered in Singapore, with regional offices in Miami, London and Dubai, and local representation across Mumbai, Jakarta, Kuala Lumpur, San Salvador, Nairobi, Dakar and Barcelona. TransferTo was founded in 2005.