PayPal takes another step towards its international expansion plans. The payments company has recently announced its partnership with Safaricom – a Kenya-based financial services and enterprise solutions.
The expansion will allow the people of Kenya to transfer funds from PayPal to the M-PESA wallet of Safaricom and vice versa. Such act was also part of the plan to boost PayPal’s e-commerce business aside from the international presence. M-PESA is a mobile phone app that provides money transferring services and while offering financing and micro financing services as well.
PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
More so, this opportunity will enable companies in the said country to enter the e-commerce market. Additionally, the new market in Kenya will also allow them to shop effortlessly with the help of the PayPal.
Furthermore, it was also announced that TransferTo will be technology behind the partnership. TransferTo is an operator that works as a cross border mobile network payments system.
Shares of PayPal managed to maintain a bullish trend in its recent trades. Its latest trades opened at 76.81 and ended at 77.42. It was a 0.97% increase from the previous trades. It had a high of 77.39 and a low of 76.62
The relative strength index also managed to move forward. It was last seen at 50.3 after juggling within the 40’s region.
Lastly, its Coppock curve added more uptrends in its latest indication. The curve was last seen at -9.57 which normally would recommend a sell for the pair. But as the trend goes forward, a hold on sell will be much more advised for the payments company.
FSM News is a daily updated news website about the happenings in the stock market, financial realms and the world economy. Subscribe to further educate yourself about the field that you are to partake in. FSMNews is here for you.