M-PESA Terrapay: How To Use, Register, Requirements, Transaction Charges And Key Features

Learn how to use and register for M-PESA Terrapay, a groundbreaking partnership between Safaricom and TerraPay that enables seamless cross-border payments to Bangladesh and Pakistan.

Aug 26, 2023 - 12:28
Dec 10, 2023 - 11:03
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M-PESA Terrapay: How To Use, Register, Requirements, Transaction Charges And Key Features
M-PESA Terrapay: The Future of Cross-Border Payments

In today's interconnected world, the need for efficient and affordable cross-border payment solutions has become more critical than ever. Enter M-PESA Terrapay – a groundbreaking partnership between Safaricom and TerraPay that allows M-PESA registered customers to send money to individuals in Bangladesh and Pakistan. This innovative service facilitates seamless transactions and promotes financial inclusion and empowerment. Let's dive into how to use and register, the requirements, transaction charges, and the key features of M-PESA Terrapay.

Key Takeaways from the Article

  1. M-PESA Terrapay is a partnership between Safaricom and TerraPay that allows M-PESA registered customers to send money to recipients in Bangladesh and Pakistan.
  2. The service promotes financial inclusion, offers real-time payments, and has a broad global reach.
  3. Registering for M-PESA Terrapay can be done through the M-PESA App or USSD *334#.
  4. Making payments is easy using the M-PESA App or USSD *334#, with clear step-by-step instructions.
  5. Transaction charges vary based on the transfer amount, ensuring transparent pricing.

M-PESA Terrapay

M-PESA Terrapay is a collaborative effort between Safaricom, Kenya's leading telecommunications and financial services provider, and TerraPay, a global payments infrastructure company. This partnership aims to revolutionize international money transfers by enabling M-PESA registered customers to send real-time payments to recipients in Bangladesh and Pakistan. The service is designed to provide a reliable and safe solution for inbound and outbound remittance, expanding the global customer base and establishing a stable integration in South Asian markets.

How to Register for M-PESA Terrapay

Registering for M-PESA Terrapay is a straightforward process that opens up a world of borderless payment opportunities. To opt-in for M-PESA Global Services and enjoy the benefits of Terrapay, follow these steps:

Using M-PESA App

  1. Launch the M-PESA App on your mobile device.
  2. Log in using your M-PESA PIN.
  3. Navigate to the "Transact" section.
  4. Select "Global" from the menu.
  5. Continue with the opt-in process by entering your region.
  6. Provide your M-PESA PIN for verification.
  7. Upon successful registration, Safaricom will send you a confirmation SMS.

Using USSD 334#

  1. Dial *334# on your mobile phone.
  2. Choose the "Send Money" option.
  3. Select "M-PESA Global."
  4. Follow the prompts to provide your physical location and accept the terms.
  5. Enter your M-PESA PIN for verification.
  6. You will receive an SMS confirming your successful opt-in.

How to Make Payments Using M-PESA Terrapay

Making payments to recipients in Pakistan and Bangladesh is hassle-free with M-PESA Terrapay. Whether you're using the M-PESA App or USSD *334#, follow these steps:

Using M-PESA App

  1. Log in to the M-PESA App using your chosen biometrics.
  2. Navigate to the "Transact" section.
  3. Choose "Global."
  4. Select "Send to Mobile Number/Send to Bank."
  5. Specify the recipient's country.
  6. Please enter the recipient's first and last name, along with their phone number.
  7. Input the transfer amount and select the source and purpose of funds.
  8. Confirm the details and provide your M-PESA PIN.
  9. You'll receive a transaction confirmation message.

Using USSD 334#

  1. Dial *334# on your mobile device.
  2. Select "Send Money" and then "M-PESA Global."
  3. Choose "Send money abroad."
  4. Select "Send to Mobile number/Send to Bank account."
  5. Provide recipient details such as country, name, and phone number/bank account number.
  6. Enter the transfer amount, source of funds, and purpose of funds.
  7. Confirm the details and enter your M-PESA PIN.
  8. You'll receive a transaction confirmation message.

Transaction Charges for M-PESA Terrapay

When using the Terrapay service, customers should be aware of the transaction charges based on the transfer amount:

Amount (Ksh)

Fee (Ksh)

101 - 5000

100

5001 - 20,000

250

20,001 - 35,000

350

35,001 - 150,000

500

The normal daily M-PESA transaction limits apply.

  • The minimum transfer of Ksh 101 per transaction.
  • The maximum transfer of Ksh 150, 000 per transaction.
  • The maximum transfer of Ksh 300,000 per day.

    Key Features and Benefits of M-PESA Terrapay

    1. Financial Inclusion: The partnership between Safaricom and TerraPay promotes financial inclusion by providing affordable and accessible cross-border payment options to M-PESA customers.
    2. Real-time Payments: M-PESA Terrapay enables instant and real-time payments, ensuring recipients can access funds quickly and conveniently.
    3. Global Reach: With the ability to send money to Bangladesh and Pakistan, M-PESA Terrapay connects millions of customers across different countries.
    4. Secure and Reliable: The service offers a safe and reliable way to send and receive money, backed by Safaricom's and TerraPay's commitment to security.
    5. User-Friendly: The intuitive interface of the M-PESA App and USSD *334# makes registering and conducting transactions simple and user-friendly.
    6. Transparent Charges: The transparent fee structure ensures that customers know the transaction charges associated with their transfers.

    READ ALSO: M-PESA GlobalPay: Registration, Activation, Key Features and Transaction Charges

    Conclusion

    M-PESA Terrapay is a testament to the power of collaboration and innovation in financial services. With its ability to connect M-PESA registered customers in Kenya with recipients in Bangladesh and Pakistan, the service opens doors to seamless cross-border transactions. M-PESA Terrapay is poised to reshape how individuals send and receive money globally through its user-friendly interface, real-time payments, and commitment to security. As financial inclusion takes center stage, this partnership between Safaricom and TerraPay paves the way for a more interconnected and empowered future.

    Joseph Richard Richard is a distinguished contributor to sledge.co.ke, where he leverages his extensive background in finance, business, and technology to provide insightful guides and analyses. With over a decade of experience in Kenya's dynamic market, Joseph has become a trusted voice in helping individuals navigate complex topics with ease. His work, recognized for its clarity and reliability, spans critical reviews, educational content, and comprehensive guides on making informed decisions in finance and business. Joseph's commitment to empowering Kenyans through accessible information underscores his reputation as a dependable and authoritative figure in the industry