PalmPay, a leading fintech company driving financial inclusion and economic empowerment, says it is positioned to lead Nigeria’s adoption of a contactless payment system.
Discussing ‘The Next Frontier: Digital Wallets, Contactless Payments and BNPL (Buy Now Pay Later),’ at the Zenith Tech Fair, Fey Wong, Country Manager, PalmPay, said the fintech company is positioned to drive the adoption of contactless payment in Nigeria.
Listing QR Code and NFC payments as two payment forms that will drive contactless payment in Nigeria in the future, Mr Wong assured that PalmPay was “prepared for these two products,” adding that “Both have their merits.”
According to Mr Wong, “At PalmPay, we have a unique advantage in both the user side and merchant side. On the merchant side, we have over 600,000 offline merchants in Nigeria, and most of them are using POS terminals which support the NFC payment feature.
“For the user side, we work closely with some mobile phone brands to promote the application of the features in our users’ mobile phones.”
The event was the third edition of the Zenith Bank Tech Fair, tagged ‘Future Forward 3.0’ and held on November 22 and 23, at the Eko Convention Centre, Eko Hotels and Suites, Victoria Island, Lagos.
Highlighting their benefits, Mr Wong said, “QR Code can reduce the cost of terminals significantly because they are naturally and closely integrated with mobile wallets. For NFC, they are more complex. However, payment is faster and more secure.
“NFC is more complex because we need to ensure that the user’s phone can support NFC and that the terminals can have the NFC payment feature. Also, we need the switches so that the banks can be fully involved,” Mr Wong added.
Other speakers at the panel hosted by Managing Director for Huawei Technologies, Nigeria, Chris Lu, were Premier Oiwoh, Managing Director, NIBSS; Vincent Ogbunude, Managing Director, Verve; Ebehijie Momoh, Country Manager, MasterCard, and Managing Director of Network International, Adelola Agbebiyi.
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa by offering top-tier products such as money transfers, bill payments, credit services, and savings on its app and mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has raised over $140 million in investments and grown to over 30 million users and 1.1 million businesses, including 600,000 merchants and 500,000 agents, as part of its cashless payment ecosystem.
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