M-PESA now to support online payments

M-PESA is increasing its presence in Kenya, and has introduced Lip Na M-PESA. The new service will allow Kenyan residents to place transactions with supporting online merchants using their M-PESA account.

M-PESA is a micro financing service for transferring funds between mobile devices with SMS text messages. The service was made available in Kenya in 2007, and its popularity grew rapidly, reaching over 17 million users by 2011. M-PESA allows it users to withdraw and deposit funds, transfer funds to other users, pay utility bills, purchase airtime, and transfer funds from the user’s bank account to their M-PESA account. M-PESA has also added Bitcoin support to the service earlier this year. The M-PESA service is supported by Kenyan-based mobile service provider Safaricom, and Vodafone.

With the growth rate of internet Connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Read this Term in Kenya, it has become crucial to be able to offer online payment options. When an order is placed online, the user needs to enter their phone number and they will be given a PIN code via an SMS text message. Once the PIN code is entered the M-PESA account is debited.

"Lipa Na M-PESA online is part of M-PESA's overall agenda to lead the evolution of the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term landscape in Kenya. The entry of M-PESA into the online space is a landmark move that will see more than 18 million M-PESA customers gain access to the online shopping experience either as entrepreneurs or as customers," said Safaricom CEO, Bob Collymore on the new service.

M-PESA has also expanded beyond Kenya, and is available in Romania, Egypt and India

Internet connectivity becomes common place in developing countries, and over 14 million Kenyans are already online. Finding an online payment solution for them is vital.