The much-anticipated feature is now a reality as Safaricom introduces M-Pesa Monthly Standing Orders to make managing recurring payments a breeze. This innovation, known as M-subscriptions, is poised to simplify the lives of Kenyan consumers who often grapple with the task of remembering and organizing their monthly financial obligations.
M-subscriptions, designed and proposed by Safaricom’s engineering team, has been seamlessly integrated into the M-PESA app. With this new feature, customers can effortlessly manage their recurring transactions, such as sending money to family and friends, paying regular bills, or purchasing goods and services.
Getting started with M-subscriptions is a straightforward process:
- Review and Accept Terms and Conditions: The journey begins with customers reviewing and accepting the terms and conditions associated with the service. This step ensures transparency and establishes the guidelines for using standing orders.
- Opting In with M-PESA PIN: Customers can then opt into the service by using their M-PESA PIN, providing a layer of security and verification.
- Selecting the Desired Standing Orders: After opting in, customers have the flexibility to choose which standing orders they wish to set up. Whether it’s for sending money to family and friends, paying utility bills, or making regular purchases, the options are wide-ranging.
For instance, to create a standing order for money transfers, customers can specify:
Recipient’s Details:Set up the recipient’s name to ensure seamless transactions.
Transaction Amount: Define the amount to be sent during each scheduled transaction.
Frequency: Specify how often the transfers should occur. This can range from daily, weekly, or monthly intervals.
The beauty of this system is that it can be fully automated. If customers prefer not to worry about initiating each payment, the platform will deduct the necessary funds at the scheduled time, ensuring that payments are made promptly.
However, it’s important to note that automatic deductions will only occur when customers explicitly configure this feature. This puts the power in the hands of users, allowing them to maintain full control over their financial transactions.
With M-subscriptions, Safaricom has taken a significant step toward enhancing the convenience and ease of managing recurring payments. This innovation aligns perfectly with Safaricom’s mission to provide accessible and intuitive services to its customers, making M-Pesa an even more indispensable tool in the lives of Kenyan consumers. The launch of M-Pesa Monthly Standing Orders marks a new chapter in the evolution of mobile money services in Kenya, further solidifying M-Pesa’s position as a groundbreaking financial platform.