The Best Online Payment Platforms in Kenya

The Best Online Payment Platforms in Kenya

Online payment platforms are famous today in Kenya that they have ever been. With an increase in purchasing goods and services online, many Kenyans prefer to use these platforms to make payment. Across the world, the same is true. As a result, there are numerous of payment solutions to choose from. They make transacting easier and you don’t have to handle physical cash.

Another great advantage is they cover wide areas. You can be in Kenya and pay for good in any part of the world. Some reign champion and are most popularly used than others. Mostly they have a reputation for being reliable and affordable hence the success. Competition reigns and there are a lot of offers from these companies you can enjoy.

The Best Online Payment Platforms in Kenya

1. Payoneer

Payoneer ranks among the nest ways to make payment across the globe from the comfort of your home. It’s relatively new in the industry but has managed to capture a sizeable portion of the market. The best thing about it is you can make direct payments to other without ever needing to involve a third-party entity such as a bank.

Once you sign up for Payoneer, you are issued with a card with a logo of MasterCard on it. You can use it to withdraw funds from any ATM across the world that accepts MasterCard. To sign up, visit the main site www.payoneer.com. Remember you need a copy of your valid identification documents to complete the registration process. After it’s done, you receive your card in a few days.

The least you can transact on Payoneer is $20 and the maximum is $2500 per day. You incur a cost of $15 for swift transfer of USD and $2.99 for local bank transfer. The transfer maturity period is 2 to 5 business days internationally.

2. PayPal

In the world of online transactions, PayPal dominates as one of the best and most reliable. This online payment platform has millions of users from across the world, both individuals and businesses. It has years of experience in the industry always striving to provide its customers with the best.

All transactions through PayPal are secure and you are kept aware of any suspicious activities in your account. Setting up a PayPal account is easy only taking a few minutes to complete. Once that is done, you must verify the account by using a bank account or credit card. Then you can start transacting, making payments, and transferring funds to anywhere in the world.

PayPal boasts of some of the fastest transfers of any other payment platform globally. For this, they control a good chunk of the market in regards to online transactions. The fact that you get faster checkouts by not retyping your financial details with every payment is a plus.

PayPal offers free transfer from PayPal Account to bank account. On the other hand, they take 2.9% from each payment transaction and 30cts more from the same. Wait for 3 to 5 business days for transfers to reflect in your account. The least you can transfer with PayPal is $1 and the maximum is $10000 per transaction.

3. Skrill

Skrill works with a wide variety of currencies hence its popularity worldwide. You can use it to send money faster and securely. The money can be to another person’s bank account or mobile wallet or your own. You can use Skrill from anywhere in the world and setting up an account is easy. The service has been available from 2001 and is part of the PaySafe Group.

Once you set up a Skrill account, you get a Skrill wallet that you can use to keep funds in. The online payment platform is quite affordable with swift and secure transfers. You can send money to any person only needing their name, address, and account information. Transfer maturity when you send money by bank transfer is 2 to 5 business days. Sending money abroad is Free. Domestic transfers incur a fee of 2% of the total amount. Some banks impose additional fees for using Skrill.

4. Neteller

Neteller is a widely used service to transfer money online. Using a Net+ card, you can withdraw the funds in your account. Another option is to transfer the funds to your bank account. Like Skrill, it’s part of the PaySafe Group that specializes in online payment platforms.

Neteller charges its customers a fee of 2.99% for money transfer using its system. The minimum amount transferable is $0.50 and the maximum is $50000. Enjoy fast transfers with this service lasting only 1 to 6 hours max.

5. LocalBitcoin

Cryptocurrencies such as Bitcoins are common in online transactions with many more people embracing them. You can make payments or send funds to another in the form of Bitcoins. Many more businesses are accepting pay from their customers by using this form of cryptocurrency.

LocalBitcoin originates from Finland and acts as a market for Bitcoin traders. You can purchase Bitcoins that are deposited into your LocalBitcoin wallet. After the purchase, send the Bitcoins from your address to another easily. LocalBitcoin charges 0.00013997 BTC to transfer Bitcoins from one address to another. The transfer takes only 10 to 60 minutes to reflect. The least amount you can send is 0.00000001 BTC and there is no maximum.

6. Escrow Kenya

Escrow Kenya comes in handy while transacting online. When you enter into escrow, it means a third-party comes in between you as the buyer and the seller. It’s the best way for both to have peace of mind knowing funds won’t be lost. Once you agree on all the essential terms with the seller, you deposit funds into Escrow Kenya who verify the transfer.

Once this is done, the seller ships the goods and Escrow Kenya ensures the buyer receives them. After checking if they are the right order and in good condition, the buyer gives a go ahead to money to be sent to the seller.

Escrow Kenya charges different amount depending on the item bought. You pay 3% of the purchase price with a minimum fee of Kshs. 200 and the maximum is Kshs. 15000 for General merchandise. Cars’ fee is 1.5% with minimum fee being Kshs. 1500 and maximum Kshs. 15000. Transfer duration depends on how long the item takes to be delivered.

7. Trasferwise

Trasferwise is another reliable online payment service that you can use in Kenya. The advantage it has over many other is it supports more than 700 currencies from across the world. The official site has 10 versions to choose from when logging into your account. in Kenya, Trasferwise makes it easy to transfer funds to individuals or bank accounts.

Another option is to send to the Mpesa wallet. If you are sending to the bank, there is no applicable limit but for Mpesa, there is a limit to keep in mind. Transfer made can take up to 2 business days to complete. Fees vary depending on the amount you transfer. For $300 and below, you are charged $3. For more than $300, the charge varies.

8. Pesapal

With Pesapal, you can make payments using several methods including mobile banking, bank cards, and mobile wallets. It guarantees bank-level security for all transfers made making it a reliable payment service provider. In Kenya, it’s one of the most widely used systems by over 500 hotels. It makes it easy to place online bookings without incurring extra cost. You pay 3.5% per online payment transaction and for point of sale is 2.9%. Transactions reflect after 3 business days

9. iPay

With iPay, you can use several mobile wallets including Airtel Money, Mpesa, and Equitel. Apart from them, you can also use MasterCard or Visa. The method is simple to sign up to and receive payments as a seller. It’s free to set up and payments reflect instantly. Using iPay to transact is free up to 15 of them. More than 15 transactions monthly charges you $5.95. It takes 1 business day to complete a transaction with iPay.

10. Dusu Pay

For straightforward transactions with a service provider you can trust, opt to use Dusu Pay. It’s taken up a huge chunk of the African market and is used by many companies. With less than 50 transactions per month, you are not charged any fee. From there, you get a standard package that costs $9.99 and an Enterprise package costing %29.99. In Kenya, transactions are mainly through Mpesa and you can incur additional charges. Transactions take up to 3 business days to reflect.