Skrill, the London-based payments firm owned by Paysafe Group, has started accepting Bitcoin deposits from some users. The company, formerly known as Moneybookers, made no official announcement about
Skrill, the London-based payments firm owned by Paysafe Group, has started accepting Bitcoin deposits from some users. The company, formerly known as Moneybookers, made no official announcement about the move. Bitcoin deposits don't work in the United States. Skrill hasn't published which other countries support the feature.
Michael Kimani, CEO of Umati Blockchain Ltd., confirmed the option works in his Kenya account. He spoke with MiningPool about how Bitcoin addresses payment obstacles within Kenya's financial system.
In Kenya, PayPal dominates online wallet usage. Skrill sits in the second tier, competing with Neteller (also a Paysafe subsidiary). Google Trends data shows Bitcoin commands comparable search interest to Skrill in the country.
Skrill's Bitcoin integration uses BitPay's infrastructure. Kimani outlined the practical advantages. "Debit cards have online transaction limits and require activation," he said. "Bank transfers take 3 to 5 days. Bitcoin is instant."
Skrill also recently opened withdrawal channels to M-Pesa, the mobile money service that processes transactions amounting to nearly half of Kenya's GDP. The combination matters: freelancers no longer need to pay brokers to move money from Skrill into M-Pesa.
Bitcoin has become a bridge across Kenya's fractured payment landscape. Entrepreneurs convert M-Pesa funds to Bitcoin through brokers like LocalBitcoins, then move that Bitcoin to platforms such as PayPal, Neteller, Solid Trust Pay, or now Skrill. Young Kenyans have built businesses as informal brokers, handling these conversions for fees.
"Bitcoin is flexible and convenient because it bridges well with existing mobile payment systems like M-Pesa and multiple online e-wallets," Kimani said. "It opens up the options available depending on what and where you can use it."
These brokers are evolving. Kimani observed them adding Bitcoin to their offerings alongside traditional payment services. "Brokers are beginning to transition into bitcoin," he explained. "There's a service gap that brokers are filling, a payments gap. Bitcoin is now one other option."
Skrill's Bitcoin deposits serve multiple audiences. Freelancers, sports bettors, forex traders, and others earning money online can now use Bitcoin to move their funds around. Kimani pointed to Facebook groups like Awesome Transcribers in Kenya and Academia Research Writers, where entrepreneurs ask for help funding their Skrill accounts.
Bitcoin users in Kenya are tapping into a financial network that operates without the permission of banks or government. Skrill's move acknowledges this emerging reality.
