Safaricom inks PayPal deal to boost e-commerce
Listed telecom Safaricom has entered a joint venture with digital payment platforms PayPal and TransferTo enabling consumers to participate fully in the global digital economy.
The partnership will enable Safaricom’s M-Pesa clients to send money to PayPal and vice versa enabling them to easily and securely buy goods and services from merchants around the world.
The new joint venture will bridge the gap between money transfer in Kenya and beyond by eliminating the barriers that have hindered consumers and businesses in the country from taking full advantage of global e-commerce by providing Kenyan merchants with the opportunity to boost their reach and grow their business internationally.
Safaricom strategy director Joseph Ogutu said the collaboration is part of the company’s drive towards robust and innovative platforms for consumers.
“Beyond money transfers, this development ushers in a new era of speed and convenience beyond borders, M-Pesa’s collaboration with PayPal will open up global market places and the global economy to millions of Kenyans, Kenyan-based individuals and individuals,” Mr Ogutu said.
In addition to linking local businesses with PayPal merchants across the globe, the new service will link Kenyan businesses to over 210 million active PayPal users across the globe.
PayPal General Manager for Middle East and Russia Effie Dahan views the cooperation as a step forward towards the consolidation of financial services on the African continent.
“PayPal’s collaboration with M-Pesa is part of the company’s long-term strategy to enable e-commerce and democratise financial services,” Mr Dahan said.
The new alliance comes in the wake of growing interest in financial technologies across the globe with block chain (distributed ledgers) being tipped to drive the next wave of cross-border mobile payments.
Kenya remains as the leading hub for mobile money payments in the world accounting for up to 76 percent of all global mobile money transactions.
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