Safaricom seems to be going hard into the money business after announcing its partnership with PayPal and TransferTo. The integration will allow M-Pesa users to receive and Deposit money to and through PayPal The service is set to compete with Equity’s service through PayPal which have been available in Kenya for quite some time.
The transaction between PayPal and M-Pesa is being powered by TransferTo, a B2B Cross-Border Mobile Payments Network for emerging markets. The money transfer will not be instant, meaning users will not see the amount reflect on their M-Pesa accounts until after a certain period, between four hours and up to 3 days, depending on the amount transferred.
To Withdraw money from Paypal you need to Access PayPal mobile Money Portal.
- Tap on the GET STARTED button that will redirect you to log in with your PayPal credentials
- Give the service access to your PayPal account by clicking on AGREE on the popup menu
- Add your M-Pesa phone number, you will receive a verification code that you will use to LINK YOUR ACCOUNT
You will have to access this portal everytime you want to withdraw money from your PayPal account, there’s no other way.
The service allows one to deposit into their PayPal wallet and the process is as follows:
- Open M-Pesa on your phone
- Go to PayBill and enter PayBill number 800088
- Enter the phone number you linked your PayBill account to as the account number
- Enter Amount and complete the transaction
One thing to note, the service is not free. You will be charged certain fees such as 3% conversion rate when withdrawing and 4% conversion rate when depositing and M-Pesa PayBill charges that can go up to Kes.220 when making deposits. Also, it is unfortunate that TransferTo has not implemented M-Pesa’s new API, seeing that this service is being officially supported by Safaricom is even more disappointing that we have to do things, old school.