Equity Bank has moved its PayPal withdrawal service from its prior web-based interface to Equity Online and its mobile app for online banking.
This change is designed to improve the efficiency of Kenyans who receive payments from the international payment solutions provider.
PayPal account holders can withdraw money provided to them directly from their registered PayPal accounts to their Equity Bank accounts in either Ksh or USD. The move is a crucial step as Kenya works to speed up the adoption of e-commerce and digital payment mechanisms like PayPal direct payments into their Equity accounts.
“As PayPal, we are delighted to deepen our partnership with Equity to offer our customers an enhanced service. Whether you are an individual or a business, PayPal will enable you to get paid from over 200 markets,“ said Mark Mwongela, PayPal’s Sales Development Director, Africa.
This advancement simplifies the customer experience, allowing firms to obtain funds more quickly. This service is anticipated to be useful to freelance writers, Kenyans with relatives overseas, those working in the creative industries, and MSMEs engaged in international trade.
Established in 1998, PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that supports online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders.
The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.
PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015 eBay spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue.
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