Safaricom and Paypal have smoked a peace pipe in business.
The deal signed , will allow direct withdrawal and sending of Mpesa money to and from Paypal accounts across the globe.
Mpesa users can load money into Paypal using M-Pesa’s PayBill no. 80088. Withdrawing the money from Paypal account to Mpesa account would take about 3 business days depending on the amount of being transacted.
Mpesa had a deal before with Paypal, which only allowed buying of airtime from the Paypal account to Mpesa account.
The use of online money, has been largely embraced by Kenyan market seeing a huge rise over the last two years, on many occasions the users have been spending or earning money from internet adverts, writing and paying for services on internet among others.
Equity Bank, before was the only entity which allowed such a service of direct withdrawals from Paypal.
Other finance entities continue to shy away from Paypal based on fear for money laundering scams on internet