Updated on June 10, 2024: Added four new top payment platforms and a new section, “Understanding Auditing in Kenya,” to include insights into recent regulatory changes and emerging trends shaping the audit landscape, providing readers with a comprehensive overview of the current auditing environment in Kenya.
Payment systems have revolutionised over time with the advent of technology. Moreover, businesses and people no longer have to use cards and cash to make payments. There are better, safer ways to make and receive payments online. In this article, we will discuss the top online payment platforms in Kenya.
Online Payment Platforms And Financial Inclusion In Kenya
In Kenya, online payment platforms play a crucial role in enhancing financial inclusion, particularly among underserved and remote populations. These platforms provide a convenient and accessible way for individuals to participate in the digital economy, even without traditional banking services.
By offering various payment options such as mobile money transfers, digital wallets, and online banking, these platforms bridge the gap between the unbanked or underbanked population and financial services. Through the use of mobile phones and internet connectivity, individuals can easily send and receive money, pay bills, and access other financial services, empowering them economically.
Furthermore, online payment platforms contribute to financial inclusion by promoting savings and investment habits among Kenyan citizens. With features like automated savings plans and investment options, these platforms encourage individuals to set aside funds for future needs and explore opportunities for wealth creation.
Additionally, they provide access to credit facilities and microloans, enabling small businesses and entrepreneurs to access much-needed capital for expansion and growth. Overall, by democratizing access to financial services and promoting financial literacy, online payment platforms play a significant role in fostering economic empowerment and inclusion in Kenya.
List of Online Payment Platforms in Kenya
Here is the ultimate list of the top online payment platforms in Kenya.
- PayPal
- Pesapal
- DPO
- iPay
- Skrill
- Payu
- DusuPay
- Rave
- M-Pesa
- Airtel Money
- Equitel
- T-Kash
Online Payment Platforms in Kenya Details
Let’s discuss the following online payment methods in details:
1. PayPal
PayPal is simply the simplest way to get paid from anywhere in the world. More to this, Paypal is available in over 230 countries and support over 25 currencies. Finally, in Kenya, one can now move funds between your PayPal and M-PESA accounts. Therefore supporting the slogan, Your money, your choice! More to this, one can also be able to transfer their Mpesa balance to Paypal and use it to make payments online.
This account is best-loved by online writing freelancers as they require you to have a PayPal account to be paid. It, therefore, gets effortless to manage one’s bills, payments, and even shopping for those of us who love shopping.
It is straightforward to join PayPal in Kenya, either as an individual, business or even partners and developers. To sign up, you will need an active email account as well as a debit card. In 2020, PayPal is fast becoming a leading online payment platform in Kenya.
2. PesaPal
This online payment method is above the best payment methods in Kenya. This method is already available in eight African countries. These countries in Zimbabwe and Zambia on top of the East African countries. It has secure online payment methods that ensure the security for both the buyer and the seller.
Just like Paypal, one has to have an active email address to sign up. The email address will serve as your account to Paypal. It is this created account that will enable money transfer from one medium to another. Some of the banks in Kenya connected to Pesapal include Equity bank as well as the cooperative bank.
More to this, Pesapal is also liked to Mpesa and Airtel money, thereby promoting convenience to spend money.
3. Direct Pay Online (DPO)
This is an online payment method that operates in all over Africa.DPO empowers your business by delivering an all-currency, all-payments solution. Thereby making your customers be able to pay you with their currency of choice, via Direct Pay Online.
Like the other two methods of online payment, DPO also offers mobile money transfer option to its customers. More to this, one can also add their debit and credit cards. Through online payments, small businesses have been able to grow to great heights.
4. iPay
This is among the best online payment systems in Kenya currently. This online payment method rides on Airtel, Mpesa, Visa card, Mastercard, Equity, Equitel as well as Kenswitch. Moreover, its very simple to receive payments if one is a merchant. Another huge benefit to signing up to ipay is that one can receive theirs instantly.
The other significant benefits of joining iPay include:
- Free account opening
- Receiving instant payments
- Ability to withstand/withdraw funds
- 100% control over one’s money
The elipa wallet allows one to send and receive both local and international payments. Make bulk payments, as well as full transactions, reports. While for merchants, the ability to receive instant payments is quite enticing. iPay customers service is always online, and therefore, it’s straightforward to get help when you need some.
5. Skrill
Skrill is the best online payment method e-commerce online platform. It is among the top ten platforms in the world apart from only Kenya. If you have successfully signed up for a transcription account, this would be the other good platform to give as your payment method. Moreover, one can also receive money in any currency in Skrill and transfer it to your Mpesa account.
The good news is that transferring money from Skrill account to bank is free. Skrill is convenient, instant and instils confidence in its customers. Having an account with Skrill is also simple; all that one has to is sign up, begin receiving or making payments and then start withdrawing.
6. PayU
PayU is among the best online payment systems in Kenya at the moment. This payment platform is available in over 18 markets globally. Globally, this account services over 200 merchants globally. Moreover, it has more than 14 years of experience. Each day, there are about 1.2 payments made every single day on this platform.
Currently, PayU has not yet integrated MPesa into its withdrawal options. However, one can be able to withdraw from this account directly to their bank account without any hassle. This system has robust security and fraud security system and thereby ensuring that clients money is well secure.
7. Dusu Pay
This platform provides the most reliable, efficient, fast and straightforward infrastructure and process payments globally with Africa. Get started for free. In Africa, Dusu pay is trusted by Multimillion-dollar companies. However, for a merchant account, one has to buy one as it is not free.
- The basic package is free if a merchant is only bound to receive 50 transactions in a month
- The standard package is charged at only 9.99 pounds
- The enterprise package is billed monthly and costs like 29.99 pounds.
Good news is that mobile money transfer is available in Kenya if an entrepreneur uses this service.
8. Rave
This account is among the best online payment methods in Kenya. Rave lets you efficiently receive payments with secure credit card processing & easy integration. Therefore, Rave offers the merchants who sign up to its rich customer data, customised experiences, global access; Zero set up fees as well as top-notch technology to secure your funds.
- Sign up for free
- Link your bank to your account
- Start accepting payments from customers
9. M-Pesa
M-Pesa, launched by Safaricom in 2007, is Kenya’s most popular mobile money transfer service. It has transformed the way Kenyans manage their finances, enabling users to send and receive money, pay bills, and purchase goods and services using their mobile phones.
The platform is user-friendly and accessible to people with basic mobile phones, not just smartphones. M-Pesa is widely accepted across the country, from small vendors to large retailers, making it extremely convenient for users.
It has also played a significant role in enhancing financial inclusion, and providing banking services to millions of previously unbanked individuals, particularly in rural areas. Additionally, M-Pesa offers various financial services, including loans and savings, through partnerships with banks and financial institutions.
10. Airtel Money
Airtel Money, offered by Airtel, is another leading mobile money service in Kenya. It provides a range of financial services, catering to the diverse needs of its users.
Airtel Money enables users to send and receive money both locally and internationally, making it a versatile option for many. It also supports bill payments for utilities, school fees, and other services directly from the user’s mobile wallet, saving time and adding convenience.
Airtel Money’s broad merchant network ensures that users can make payments to a variety of businesses, from small kiosks to larger enterprises. Airtel Money has integrated with several banks, allowing seamless transfers between bank accounts and mobile wallets, and offers financial services such as micro-loans and savings products.
11. Equitel
Equitel is a mobile banking service offered by Equity Bank, combining mobile telephony and banking services into one platform. Equitel allows users to perform various banking transactions, such as sending and receiving money, paying bills, and buying airtime, directly from their mobile phones.
It provides a seamless link between the user’s bank account and mobile wallet, ensuring easy access to funds and financial services. Equitel’s integration with Equity Bank’s banking system allows for a wide range of transactions, including loan applications, balance inquiries, and fund transfers, making it a comprehensive mobile banking solution.
12. T-Kash
T-Kash, launched by Telkom Kenya, is a mobile money service that offers a range of financial services to its users. Similar to other mobile money platforms, T-Kash allows users to send and receive money, pay bills, and make purchases using their mobile phones.
T-Kash aims to provide a secure and reliable platform for financial transactions, with a focus on user convenience and accessibility. The service is designed to cater to the needs of both individual users and businesses, offering features such as bulk payments for organizations and merchant payments for retailers. T-Kash’s growing acceptance and network make it a competitive option in the Kenyan mobile money market.
Top 8 Online Payment Platforms in Kenya – FAQs
How do I choose the best payment platform for my needs?
Consider factors such as transaction fees, ease of use, supported currencies, and security features to choose the best payment platform for your needs.
Are online payment platforms safe to use in Kenya?
Yes, most online payment platforms in Kenya use advanced security measures like encryption and two-factor authentication to protect users.
Can I use multiple payment platforms simultaneously?
Yes, you can use multiple payment platforms simultaneously to enjoy various features and benefits each offers.
What should I do if I encounter issues with a payment platform?
Contact the customer support team of the payment platform. They typically offer assistance via email, phone, or live chat.
Do I need a bank account to use online payment platforms?
Some platforms require a bank account, while others, like M-Pesa, allow transactions directly through mobile wallets.
Are there any fees associated with online payment platforms?
Yes, most platforms charge fees for transactions, currency conversions, and other services. Check each platform’s fee structure for details.
Conclusion
It’s lovely to note that now it does not matter the country you reside as a merchant. One can now be able to access clients and suppliers from anywhere in the world and be able to make receive payments instantly. Additionally, these best online payment methods, therefore, ensure that businesses are growing and achieving their maximum potential.
I believe you left out one of the easiest and local online pay service. JAMBOPAY. Nearly all Motorist in the country have interacted with this platform hence its the most familiar and i think it is one of the best here in Kenya having no complains.