In recent times, there obviously has been an increase in the number of online electronic payment options.
These mobile money platforms make payments for certain bills such as electricity bills airtime and Dstv subscriptions fast and efficient. Now you can use Fuliza Mpesa to get a loan right on your phone.
These online payment options can also be used to transfer money from one person to another.
Money can be transferred from a registered user to registered or non-registered users. These electronic payment methods serve as a platform for their customers to make cashless transactions for goods and services with the use of mobile devices or phones, automated teller cards, or the internet.
It also helps to save time and cost. These mobile money payment platforms have drastically reduced the number of queues you see in banks these days. They also help to ensure reduced transaction costs and increase sales of goods and services.
Read also: How To Deactivate Mpesa Account.
One of such efficient and convenient payment methods is the M-Pesa in Kenya. It is an electronic mobile service that enables customers to save, receive, and also send money with the use of a mobile phone.
M-Pesa is a very reliable, fast, and easy way to make payments for items bought without stress. Once you successfully create an Mpesa account, you can transfer money and buy products and services, whether online or in stores in Kenya.
Safaricom launched M-Pesa mobile electronic payment platform in 2007 as a means to helps customers who have no access to the Kenya commercial banks. The term M-Pesa comprises of two words, where M stands for mobile and Pesa represents payment.
Once you have the M-Pesa application on your mobile phone, you can efficiently carry out transactions without visiting any financial intuition.
Recommended reading: How Does Mpesa Agents Make Profit.
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How To Use Mpesa On Your Mobile
In other for you to use M-Pesa in Kenya, you must first obtain and register a sim card from Safaricom. This is because m-Pesa is a mobile service that carries out its transactions through a registered and activated sim card on a mobile phone.
Furthermore, to use m-Pesa in Kenya, you must open an m-Pesa account by visiting an m-Pesa agent outlet or Safaricom store to register.
You would also need a mobile phone, a registered Safaricom sim card, and a valid identification document such as valid Kenyan passport, Kenyan military ID valid foreign passport.
A valid Kenyan national ID card can also be accepted for registration purposes.
Upon registration, you will receive a one-time pin or passcode through SMS to activate your m-Pesa account on your mobile device.
Check out this: How To Start Mpesa Shop And Become An Agent.
The M-Pesa agent will provide a registration form for you to fill and sign as proof of your registration as a new user.
However, just like banks and other e-payment methods, payments, and transactions carried out with m-Pesa comes with some low charges.
For example, transfer to m-Pesa users to unregister users attracts a charge or tariff of 45ksh – 309ksh. Additionally, transfer to other mobile money users has a tariff of 11ksh -105ksh. Furthermore, withdrawal from M-Pesa attracts a fee of 10 Ksh-300 Ksh.
Recommended reading: How Profitable Is Mpesa Business.
You Can Use Mpesa In Every Part Of Kenya
M-Pesa can be used at any time from your mobile phone, even from the comfort of your home. It is a more efficient and quicker method of payment than paper checks and drafts.
Today with m-Pesa becoming more popular in Kenya, Kenya commercial banks are desperately reducing transaction costs to give account holders excellent deals in other to satisfy their customers.
When you use m-Pesa to send money, the receiver gets the money instantly. When you carry a lot of cash around often, there is a probability that it can get lost or stolen by criminals.
With the use of m-Pesa, you don’t need to carry huge sums of money around.
You Can Now Use Mpesa In Many Countries And Not Only Kenya
Since the launching of m-Pesa in Kenya in 2007, it has now expanded extensively in Tanzania, Afghanistan, South Africa, India, Romania, Albania, Mozambique, Lesotho, and Egypt.
If you want to know the list of countries that use M-Pesa, read this guide.
In addition to that, m-Pesa provides virtual banking services to enable its customers both in rural and urban areas to make financial transactions with ease.
With Mpesa, you don’t need to download the software or a mobile application because m-Pesa works cohesively with your phone account.
M-Pesa usually works and carries out its transactions through a sim card that must be inserted into your phone.
Individuals without bank accounts can also patronize m-Pesa outlets across Kenya.
M-Pesa is preferably the best and safest electronic means for saving, sending, receiving money, and paying for goods and services in Kenya because Safaricom closely monitors all transactions carried out on m-Pesa.
Additionally, the Mpesa outlet agents are solely recruited by Safaricom after they meet the necessary requirements and standards provided by Safaricom.
