Safaricom has rolled out a standing order feature for its M-PESA Ratiba service to allow customers to use it on mobile devices.
The service will allow customers to conveniently schedule their utility and other M-PESA payments on their mobile gadgets.
With this feature, users can now schedule payments on a daily, weekly, monthly, or yearly basis to pay bills, send money, or settle subscriptions without manually initiating transactions each time.
In a statement, Safaricom Chief Executive Officer Peter Ndegwa said the launch targets to ensure inclusion in its products and services.
“This innovation, the first of its kind to bring standing orders to the convenience of mobile devices, plays a key role in enhancing financial inclusion among the underbanked population while advancing the country’s progress towards a cash-lite economy,” Ndegwa said.
The mobile money feature will allow users to set up standing orders directly from their M-PESA wallets, enabling seamless and automatic payments of recurring transactions and bills.
Benefits of M-PESA Ratiba
The service will allow users to automatically transfer funds from their wallet on a daily, weekly, monthly, or yearly basis to another person, or to pay recurring bills or subscriptions.
Ndegwa added that the service will foster convenience for customers and promote a cashless economy.
“Safaricom continues to transform lives through the delivery of differentiated and personalized digital financial services and experiences to our customers. M-PESA Ratiba will allow customers worry-free digital payments of bills and transactions,” he added.
However, there are no penalties incurred for canceled or failed standing order transfers that may occur due to insufficient balance.
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The new service will also open new possibilities in subscription services such as news media and the entertainment industry.
“M-PESA Ratiba will also play a key role in driving subscription services, opening new possibilities in the media and entertainment, software and technology, health and wellness, education and e-commerce industries while transforming customer experiences within the financial services ecosystem,” he explained.
With this service, customers will be able to set up regular payments for needs such as rent, school fees, insurance, newspaper subscriptions, and other standard utility bill payments.
How to Access M-PESA Ratiba Service
Following the launch, the MPESA Ratiba service can be accessed in two ways.
One is through dialing the USSD code *334# and selecting option 9 or using the M-PESA app’s financial services tab.
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Additionally, customers must review and accept the terms and conditions, and they can then opt in using their M-PESA PIN.
They can then choose which standing orders to set up, whether for sending money to family and friends, paying regular bills, or purchasing goods and services.
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