Hello, in this article, we will be explaining everything you need know about PayPal Mobile Money Service with M-Pesa; how to use and how to withdraw money to your M-Peas wallet from anywhere in the world using the M-Pesa PayPal Service.
Talking about the collaboration between PayPal and M-Pesa, PayPal secured a deal with Safaricom, the parent company of M-Pesa, to offer their customers in Kenya to move money from one account to the other anywhere around the Globe.
However, according to PayPal, you must have an eligible Kenyan PayPal and M-PESA account to be eligible to use payment service. That's not all. You need to read this article to end to get full tips about the transactions you may need to carry out between MPesa and PayPal and how to go about them.
What is M-Peas PayPal Service?
The M-PESA PayPal Service is a Mobile Money Transfer Service (MMTS) that allows both M-Pesa and PayPal Users in Kenya to facilitates seamless movement of funds between accounts. This service come to work with the partnership between three Fintech firms; M-Pesa, PayPal and Thunes - a cross border payment infrastructure.
When using PayPal with M-PESA, remember they operate in different currencies: PayPal in US Dollars (USD) and M-PESA in Kenyan Shillings (KES). Hence, if you want to withdraw funds from your PayPal balance to M-PESA, and your PayPal account holds multiple currencies, you'll need to convert everything to USD before proceeding.
You can simply navigate to the "Manage Currencies" section within your PayPal account to easily make these conversions. That's being said, let's delve fully into the discussion where we'll be explaining how to use the MPESA PayPal Service and the major transactions you can carry out between MPesa and PayPal, including how to withdraw money from your PayPal account to your M-PESA account, and how to top-up/add money to your PayPal account using M-PESA.
Requirement to Use M-Pesa PayPal Service
To qualify to use MPEAS PayPal Service, you must have registered Kenyan PayPal and M-Pesa Account. In addition, a smartphone and internet connection are also needed to link the accounts together.
However, if you don't have a PayPal account, you can go to https://www.paypal.com/ke/home on your browser to register an account in Kenya. For M-Pesa Account, visit any M-Pesa accredited centre to get your account created.
Once you possesses the two account, then you’ll link the accounts to each other so that you will able to move your money from one to the other seamlessly.
Here's How to Link M-PESA Account to PayPal
Follow these steps to link your M-Pesa Account to your PayPal Account:
- Visit http://www.paypal-mobilemoney.com/m-pesa on your device web browser.
- Login your PayPal Account and follow the onscreen instruction
- Input the "Mobile Number" linked to your "M-Pesa Account"
- Accept "TransferTo" terms and condition. A terms of using the payment service
- A code will be sent to your M-Pesa linked phone number, enter the confirmation code to complete the link.
Once you've successfully linked M-Pesa to your PayPal account, you can then begin to withdraw your PayPal funds using Mpesa and topping up your PayPal using Mpesa.
How to Withdraw Money from PayPal using MPESA
Follow these steps to transfer your PayPal funds to your Mpesa Account:
- Go-to https://www.paypal-mobilemoney.com/m-pesa and tap on "Login" at the top right corner of your screen.
- A page will pop-up letting you sign-in your PayPal Account. Input your PayPal Login Credentials to signin.
- Once you are logged in, tap on "Withdraw"
- Input the "Amount" to cash-out and tap on "WITHDRAW" again. Note, your available balance will be displayed in USD.
- Next, you'll be redirected to a summary page where the transaction details such as amount to be received in Kenyan Shillings, estimated processing time, and the exchange rate will be displayed. Review the page, then tap on ‘Confirm’ to complete the transaction.
However, do note that if your PayPal account holds multiple currencies, you'll need to convert everything to USD before proceeding.
How to funds PayPal Account using MPESA
Follow these steps to add money to your PayPal Account from your M-Pesa's Funds:
- Visit the M-Pesa PayPal Account, and sign-in to your PayPal Account.
- Choose "Top Up Funds" from the list of option at the homepage.
- Input "Amount" in USD and tap on "Calculate" to the equivalent in Shellings (Ksh).
- Next, you'll be redirected to your Mpesa Account. On the account, choose "Lipa na M_PESA"
- Next, choose "Pay Bill" option and input "Business PayBill Number 800088"
- Here, your linked PayPal's phone number will serve as your account number. Enter the phone number and tap proceed.
- Enter the equivalent amount estimated on the M-Pesa PayPal Service website and then input your M-Pesa PIN and tap on "SEND"
Transaction Processing Time and Limit
Transaction Time
Expect your funds to reach your M-PESA account within 2 hours to 3 calendar days. The exact time depends on the amount you withdraw. However, you'll also see the estimated wait time before confirming the transaction.
In other words, the amount you withdraw directly affects how long it takes to reach your M-PESA account. Be sure to check the estimated wait time before confirming the transaction. It's also essential to remember the maximum withdrawal limits per transaction and daily total.
Transaction Limit
Here's the current M-PESA transaction limits apply: a maximum of KSh.150,000 is allowed per transaction. You can also only withdraw up to KSh. 300,000 in total per day.
Using MPESA PayPal Services as Currency Management
MPESA and PayPal have become synonymous with digital payments in Kenya and across the globe. But what happens when you need to bridge the gap between these two platforms, especially when currency differences come into play? That's where the MPESA PayPal service shines.
MPESA operates solely in Kenyan Shillings (KES) while PayPal supports multiple currencies, including US Dollars (USD). This can create a hurdle when transferring funds between the two. Thankfully, the MPESA PayPal service simplifies this process.
With this service, you can top up your PayPal account directly from your M-PESA balance – conveniently converting KES to USD during the process. This allows you to make online purchases or send international payments using PayPal, even if your primary source of funds is in KES.
Similarly, withdrawing funds from PayPal to your M-PESA account is straightforward. However, be mindful that all funds must be converted to USD first. This conversion can be easily managed within your PayPal account settings.
Final words
In today's interconnected world, seamlessly managing your finances across different currencies and platforms can be a challenge. That's where the partnership of MPESA and PayPal surpasses. This service bridges the gap, allowing you to leverage the convenience of M-PESA for local transactions with the global reach of PayPal for international payments and online purchases.
Benefits abound:
- Effortless top-ups: Top up your PayPal account directly from your M-PESA balance, converting KES to USD on the fly.
- Global reach: Utilize your Kenyan Shillings to access the vast network of PayPal merchants and services worldwide.
- Transparency and security: Clear conversion rates and the security protocols of both platforms ensure peace of mind.
Important Notices:
- Conversion fees might apply, so check the rates before proceeding.
- Account verification is crucial for smooth transactions.
- USD withdrawals only: Convert other currencies within PayPal beforehand.
In conclusion, the MPESA PayPal service empowers you to navigate the financial landscape with increased flexibility and convenience. Whether you're a seasoned globetrotter or simply seek access to a wider range of online services, this innovative collaboration has you covered.