If you are an everyday internet user in Nigeria, it is most likely that you have come across several Fintech websites (like PalmPay) and apps on the internet. The future of finance is strongly embedded in technology and Nigerian financial institutions are currently leveraging the internet in a bid to establish themselves in this emerging age of “financial technology”.
90% of financial institutions in Nigeria today are established on the internet and have been able to host day to day banking activities via the internet. One of such financial institutions with an internet presence is PalmPay.
What Is PalmPay?
PalmPay is a mobile payment platform owned by Transsnet Financial. It was launched in Nigeria in the year 2019 and has since then been catering for the financial service needs of hundreds of Nigerians.
What Is The PalmPay App?
The PalmPay mobile app is a non physical online bank, that means it functions strictly online and does not have any physical location where banking activities are carried out. The app provides basic financial services such as: mobile money transfer, airtime purchase and payment of utility bills. With the PalmPay app, you do not have to worry about queuing at the bank to pay your utility bills or having to miss the comfort of your couch to purchase airtime.
PalmPay is one of the most widely used financial mobile apps in Nigeria; since its launch in 2019, it has amassed over 30 million users. It has also grown very popular among Nigerians across different social media platforms, making it a household name in the Nigerian Fintech industry.
How Does PalmPay Work?
PalmPay works via the PalmPay mobile app. All financial services provided by PalmPay are strictly carried out on the mobile app. PalmPay does not provide financial services outside its mobile app, although the mobile institution has an official website, financial services are not provided there.
PalmPay works as a mobile bank. The fin-tech is a platform where Nigerians can save their money, make online transfers across different banks, pay utility bills such as; DSTV subscriptions and waste and electricity bills, PalmPay also provide airtime and data purchasing services for customers.
PalmPay also provides saving services for customers; saving plans such as the CashBox enables customers save money on the platform and earn mouth watering interests.
Features Of The PalmPay App
As said earlier, the PalmPay mobile app is an online banking app that provides financial services to customers via the internet.
The following are the features which the PalmPay app possesses;
1. A user friendly interface: the PalmPay app is easy to understand for users, it requires little to no guidance and first time users can easily find their way around the app in a few glances.
2. Provision of incentives and rewards: Unlike other mobile banks, PalmPay provides incentives and rewards for customers when they perform specific transactions on the app. These transactions could be purchase of data bundles, payment of utility bills and purchase of airtimes.
3. Savings plans: PalmPay has different savings plans for their customers. The app provides different savings plans and options for users which encourages savings and financial discipline.
4. Airtime and bill payment: The PalmPay app does not only provide financial services peculiar to the traditional banks, it also provides airtime and data purchasing services as well as payment of utility bills.
5. Very low charges per transaction: PalmPay charges users minimal to zero fees per transactions carried out on the platform, this of course, encourages users to perform most transactions on the app.
How To Get The PalmPay App
The PalmPay app is available on the Google play store for android users and also on the Apple store for IOS devices.
The first step to get the PalmPay app is to download it from either the Google play store for androids or from the Apple store for IOS devices.
After you get the PalmPay app, the first thing to do after installation is to register (for a first time user) or login to your account if you have previously registered.
How To Register On PalmPay
Registration or rather signing up for PalmPay is as easy as ABC. To register or sign up on PalmPay, follow these steps;
1.Open the app.
2. Click the “sign up” button
3. Grant the app permission to gain access to your location. .
4. Enter your phone number
5. Agree to the terms and conditions.
6. An OTP will be sent to the number you used to register.
7. Enter the OTP to verify that the number you used in registering belongs to you.
8. Finally, set your pin and confirm it. Be sure to use a pin that is not too easy but not too difficult to remember as this will be your login in pin on the app.
How To Buy Airtime On PalmPay
To purchase airtime on PalmPay, follow these easy steps;
1. Login to the app
2. On the home page, under “services”, click on “airtime”
3. Select the service provider (network) you want to purchase and input the number
4. Select the amount you want to buy
5. Select the payment option (either your balance or through your linked ATM card)
6. Click “confirm” to complete your purchase
How To Buy Data On PalmPay
To buy data on PalmPay, follow these easy steps;
1. Login to the app
2. On the home page, under “services”, click on “data bundle”
3. Select the service provider (network) you want to purchase, input the number and select the plan you want to buy.
4. Select the payment option (either your balance or through your linked ATM card)
5. Click “confirm” to complete your purchase
How To Transfer Money From Your PalmPay To Bank Account
Palmpay as said earlier facilitates inter bank transfers; this means that you can transfer money from your other bank accounts to PalmPay and vice versa.
Transferring money from your PalmPay account to other bank accounts is very easy on the PalmPay app. To transfer money from your PalmPay to other banks, follow these steps;
1. Login to the PalmPay mobile app
2. On the home page, under “money transfer”, click on “to bank”
3. Enter the details of the account you are sending the money and click “next”
4. Enter the amount you want to transfer and click “next”
5. Select what payment method you will be using and click “confirm to pay”
6. Input your pin.
Is PalmPay Legit Or Scam?
PalmPay is 100% legit! The fin-tech organisation has provided millions of Nigerians with an alternative to waiting in long queues at the bank just to perform simple transactions. PalmPay is an all in one app that gives you the ultimate power over your finances.
PalmPay has been able to carve a name for themselves among the Nigerian populace due to their excellent service delivery in almost all aspects of financial transactions.
How To Borrow Loan On PalmPay
Aside from providing day to day financial services, PalmPay also provides small and medium term loans. You can get a quick loan from PalmPay if you follow these steps;
1. Login to the PalmPay mobile app
2. On the dashboard, click the “loan” button
3. Click on “get flexi loan now”
4. Take a selfie in a well lit up surrounding
5. Upload your selfie
6. Provide 2 people from your contact lists who can stand in as guarantors for you and click “next”
7. A pin will be sent to your number for verification, enter the number and click “next”
8. Read the loan terms and conditions and click on “confirm’
9. Wait for your loan application to be assessed.
How To Repay Loan On PalmPay
To repay your PalmPay loan, follow these steps;
1. Login to the PalmPay mobile app
2. Check for “loan repayment” and click on it
3. Select how you want to repay your loan; you can choose to either pay with your ATM card or through bank transfer.
Pros Of PalmPay
The following are some of the well known pros of PalmPay;
👍 Fast and seamless service delivery: financial transactions on PalmPay are instant and usually very smooth unlike other mobile banks.
👍 Minimal to zero charges: PalmPay charges very little or sometimes zero fees for transactions.
👍 Money lending: Just like you can transfer money, pay bills or buy airtime on the PalmPay app, you can also apply for a loan on the app with “flexi loan”.
👍 All in one: PalmPay is an all in one mobile app that enables you to perform almost all financial transactions with just an app.
Cons Of PalmPay
👎 Network problems: Sometimes PalmPay experiences network problems, these network problems can be irregular and unpredictable thereby disrupting transactions on the platform.
👎 No use of actual debit cards: Unlike other Fintech institutions, PalmPay does not have an actual debit card. This means you cannot perform any transaction with your account without a mobile phone.
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Frequently Asked Q & A
Does The PalmPay App Offer Free Transfers?
Yes, the PalmPay app gives their customers three free transactions across any bank everyday. Once the free transfer elapses, you’ll be charged for transfers.
Does PalmPay Have Customer Care Services?
Of course they do! If you run into trouble during transactions on the app or you’re not clear with their terms of service, you can always call their customer care lines or send them an email via their email address
Can I Get A Loan On The PalmPay App?
Yes, PalmPay gives loans to customers via their mobile app. If you have the PalmPay app, you can easily apply for instant loans .
Do I Need A BVN To Qualify For Loans On PalmPay?
No! PalmPay surprisingly does not request for your BVN before you can apply for and get a loan.
What Are The Interest Rates On PalmPay Loans?
The interest rates on PalmPay loans vary depending on the amount of loan obtained and the state of your credit score. The interest rates on PalmPay loans are between 15% to 30%.
What Happens If I Don’t Repay My PalmPay Loan On Time?
According to Palmpay, failure to repay your PalmPay loan on time will attract an extra fee penalty; depending on how late you pay the debt, you might be reported to the National Credit Bureau and have your name blacklisted on other borrowing platforms.
Does PalmPay Use Physical Means To Recover Debts From Customers?
Although PalmPay has officially refute this claim several times, rumours have continued to spread that PalmPay physically harass customers who refuse to repay their loans.
Can I Convert My Airtime To Money On The PalmPay App?
Yes, you can convert your airtime to money on your PalmPay mobile app.
Final Verdict
Currently, PalmPay is one of the biggest household names in the Nigerian Fintech industry. Since its launch in 2019, PalmPay has been catering for the financial service needs of Nigerians. Its hassle free operation and customer oriented services are what have sustained it this long even in the midst of competition.
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