Mobile money service platform, M-Pesa users will soon be able to participate in global e-commerce after it announced a collaboration with worldwide online payments system, PayPal. The service will facilitate M-Pesa users to shop with PayPal merchants and smoothly transfer funds between M-Pesa and PayPal accounts consequently increasing commerce nationally and internationally.
Qualifying M-Pesa users in Kenya can link their PayPal accounts to their M-Pesa wallets and purchase goods and services from international commerce sites, as well as top up their PayPal accounts.
The newest step taken by Africa’s pioneer of mobile wallets, M-Pesa is a testament to its commitment to offer convenience to its users in doing commerce. M-Pesa’s collaboration with PayPal only serves to encourage mobile money service platforms like Telecash, Ecocash, and OneMoney to follow suit.
Zimbabwe’s electronic transactions are growing by leaps and bounds and so does the demand for international goods and services by Zimbabweans. Local mobile money services can partner online payment systems like PayPal to make it easier for Zimbabweans to engage in global commerce.
Is it possible for Telecash, Ecocash, and OneMoney to Partner PayPal?
Local mobile money services may find it hard to secure a partnership with PayPal given that mobile money accounts are held in bond notes. The fact that bond notes are not accepted internationally makes it impossible to buy goods on e-commerce platforms like Amazon or eBay, for instance.
Not to mention the uncertainty surrounding the real value of bond notes. Whilst bond notes are formally said to have a US dollar equivalent value, in reality, they do not. In light of the uncertainty of bond note’s value, Paypal will not likely collaborate with Telecash, Ecocash, and OneMoney soon.
Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes