PalmPay, a leading fintech firm dedicated to promoting financial inclusion and economic empowerment in Nigeria, announces its readiness to lead the country’s transition to contactless payment systems.
During the Zenith Tech Fair themed ‘Future Forward 3.0,’ Fey Wong, PalmPay’s Country Manager, discussed ‘The Next Frontier: Digital Wallets, Contactless Payments, and BNPL (Buy Now, Pay Later),’ reaffirming the company’s dedication to driving the adoption of contactless payments in Nigeria.
At the event, Wong underscored the significance of QR Code and NFC (near-field communication) payments in shaping Nigeria’s future contactless payment landscape. He assured that PalmPay is well-prepared for both technologies, highlighting their respective merits.
PalmPay, with a user base of 853,000 and over $677 million recovered, emphasizes user security and calls for increased awareness.
Wong highlighted PalmPay’s extensive network of over 600,000 offline merchants in Nigeria, most equipped with POS terminals supporting NFC payment features. He also mentioned collaborations with mobile phone brands to integrate these features into users’ devices.
Wong elaborated on the benefits of QR Code and NFC technologies, emphasizing that QR Codes could significantly reduce terminal costs through seamless integration with mobile wallets. In contrast, NFC payments offer enhanced security and quicker transactions, albeit with more technical complexities, requiring device and terminal compatibility and bank involvement.
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The Zenith Bank Tech Fair featured industry leaders discussing technological advancements shaping Nigeria’s payment landscape.
PalmPay, celebrating its 4th anniversary with 30 million users, has made substantial contributions to Nigeria’s financial sector since its 2019 debut. With over $140 million in investments, the company boasts a user base of 30 million, including 1.1 million businesses, forming a robust cashless payment ecosystem.
PalmPay’s commitment to economic empowerment is evident through its array of financial products accessible via its app and mobile money agents. The company’s sustained growth and commitment underscore its pivotal role in fostering financial inclusion and advancing Nigeria’s digital payment revolution.
In celebration of its 4th anniversary, PalmPay launched a ₦300 million giveaway campaign, offering users a chance to win substantial cash rewards.
PalmPay’s vision aligns with Nigeria’s evolving digital landscape, showcasing its intent to revolutionize the payment ecosystem through cutting-edge technologies, ultimately paving the way for a more inclusive and tech-driven financial future.
