What is M-Pesa?
M stand for mobile and Pesa is Swahili for money in Kenyan. M-Pesa is a money transfer service from one place to another by using your mobile number as an account number. It was started in Kenya and then spreads all over the world. M-Pesa has been organized by Nick Hughes and Susie Lonie.
What is PayPal?
PayPal is an American finance company that operates internationally to provide a method to use to transfer money from one account to another. It is an online money transfer system and operates all over the world.
M-Pesa which finish bank limitation in Africa
Nearby 2005, 2 people out of 10 have a bank account in Kenyans. Only those who have bank accounts have access to send money via banks. But most of the users of banks are only in cities. That’s why money was sent to ruler areas in envelopes by roads. This method was unsafe and risky which creates problems for people. Suddenly the solution of this was created and M-Pesa was introduced. M-Pesa is the system of money transfer by using your mobile number as an account number and mobile as a wallet. M-Pesa stores your information by using your identity card and your phone number.
The M-Pesa was started in 2005 by Safaricom. The base of this has begun with the help of British multinational Vodafone. Telecom join Vodafone in 2000 to create products to improve East Africa’s finance system. This company start their works in Kenyan with Safaricom to find the solution then after 2 years of great effort, the M-Pesa was introduced. From there the M-Pesa gets growth in East Africa and then spread throughout the world in Europe, Asia, and the Middle East.
M-Pesa is used to withdraw, deposit, and transfer money from one account to another. It has publically started in 2007. This payment method is spreading in Ghana, Egypt, Afghanistan, South Africa, and some other countries throughout the world. Although their market rate is very less in some Asian countries like India, Romania, and Albania.
How does M-Pesa work?
Your account will be created by the authorized agents of M-Pesa. Your transaction will also be made by the authorized agent and you will be informed about your transaction by SMS. Another cool thing about this is that you can also link your bank account with M-Pesa. This will give you an opportunity to make transactions by your bank account. Nowadays everyone can easily have access to mobiles so they can easily send, transfer and receive money in villages. With the help of this, the problem of finance was solved in Africa and it’s also increasing the per capita consumption level.
M-Pesa solves the great problems of people but at the same time, it also creates a problem of monopoly, transaction charges. Another thing is your transaction will be done only if the area has access to the internet otherwise it will create great issues during transactions in urban areas.
How does PayPal cover the whole world?
PayPal was established in 1998 but went to the public in 2002. Since that time, it is known as the most secure payment method for sending money in the whole world. The secret of this company to get great success during limited is they do deals with different online stores or websites so you can easily buy or sell products from online store and make your payment by using PayPal. The transaction method is also so fast and done within minutes. On the other hand, the company also gave you an opportunity to transfer money to a bank account directly.
The great success of PayPal started when eBay come into PayPal on 1.2 billion$. This was the turning point for PayPal. After that, more than 70 % of eBay transactions were occurred by PayPal. Then in 2015 PayPal was spun off from eBay and became independent. PayPal also owned some other companies like Honey Science Corp which has more than 17 million users nowadays this has been brought by approximately 4 billion dollars. This company is now providing services of mobile shopping assistants, price tracking tools, and some other services. iZettle has been purchased in 2018 on 2 billion$. Some other companies are Braintree, Xoom corp, and Hyperwallet system.
How does PayPal work?
First of all the user have to create an account by using your email. The account creation includes the information of your credit card and account number. Then after the full verification of PayPal Company. They will allow you to send receive money by using your PayPal account on their website or using their app. The money will be sent to another account both by your email or mobile number.
Although PayPal does not take any charges on buying or purchasing things. Also, any user is not charged by transferring money to their linked base account however they are charging 1% on transfers of payment and mostly 10$ on different transfers.
There are also other payment companies like Payoneer, google pay send, and stripe but PayPal is offering amazing packages which include cashback. PayPal also provides the service of debit cards and credit cards to their customers by using synchrony bank.
Another amazing thing about PayPal is its security of not sharing your information with clients or sellers. The use of encryption technology and monitoring all events give it extra security. This is the reason that more than 25% of retailers trust PayPal. Giving the opportunity of loans to their customers. Also the offer to buy things and pay later attract the customers extremely.
Mpesa Paypal Login
TransferTo in partnership with Safaricom and PayPal launched the MPESA Paypal service to bridge the gap in transferring money between PayPal and M-Pesa customers.
MPESA Paypal portal is the platform where this partnership is based.
There are easy steps to follow to log in to the MPESA Paypal portal. The links below will take you to the login page where you will have to input your login ids. The process is the same irrespective of the country:
- Paypal M-pesa portal: https://www.paypal-mobilemoney.com/m-pesa
- Paypal Mobile Money Website: https://www.paypal-mobilemoney.com
See also: MPESA Merchant portal
MPESA Paybill
How to top-up your account with the paybill number
The top up service to PayPal allows you to top up funds from your qualifying M-PESA account to your linked PayPal account to shop online or make payments with PayPal.
1. Log on to the M-PESA PayPal web page (link) and select Top Up funds
2. Enter the amount to top up in USD and click ‘calculate’ to get the equal converted amount in Kes. to be transferred from your M-PESA account. (Exchange rate used will be displayed on the same page)
3. Go to your M-PESA menu and Select ‘Lipa na M-PESA’ then ‘Pay Bill’ option
4. Enter Business no. 800088
5. Enter your phone number as Account No.
6. Enter the Amount in Kes.
7. Enter your M-PESA PIN and Send
