Is Nigerians embraces digital payments following the introduction of cashless policy by the Central Bank of Nigeria, PALMPAY, one of the payment platforms that prides itself as “Fast And Reliable” has gained prominence among Nigerians.
PALMPAY is a mobile payment platform licensed by the Central Bank of Nigeria to carry out financial services in Nigeria. The users’ funds are as well covered by Nigeria Deposit Insurance Corporation, NDIC. It allows users to make and receive payments, buy airtime, pay bills, and transfer money to other users in Nigeria.
Known by its motto “Digital Finance That Fits Your Life,” the platform allows you to send money to PALMPAY accounts and other Nigerian banks free of charge.
The platform was launched in 2019 and is owned by Transsnet Payments Limited, a joint venture between Transsion Holdings and NetEase.
Transsion Holdings is the manufacturer of the Itel, Tecno Mobile and Infinix brands. A partnership has been made between the two companies. This partnership involves the PalmPay app being pre-installed on all Itel, Tecno and Infinix phones.
Apart from being owned by a reputable company, it also has a physical office address in Nigeria and Ghana.
PalmPay has its Nigerian head office at 20, Opebi Road, Ikeja in Lagos, Nigeria. The Ghanian head office is situated at 54, Senchi Street, Airport Residential Area in Accra, Ghana.
The e-wallet and online payment platform offers users various features such as PalmPoints, which allows users to earn points when they make transactions on the platform, and PalmForce, which is a referral program that rewards users for inviting friends to use PALMPAY. The platform also offers cashback on certain transactions and discounts on airtime purchases.
To use PALMPAY, users need to download the app from the Google Play Store or Apple App Store and register with their mobile number. They can then link their bank account to the app to make transactions. PALMPAY is known for its user-friendly interface and its emphasis on security, with features such as fingerprint and facial recognition for authentication.
Earlier last week, there were reports that the apex bank will close the accounts of the payment channel alongside OPAY, but the Central Bank of Nigeria came out to clarify that nothing of such will happen
