QR Codes could significantly reduce terminal costs in Nigeria, Palmpay’s Fey Wong says

PalmPay, a prominent fintech company championing financial inclusion and economic empowerment in the country, has declared its readiness to spearhead Nigeria’s shift towards contactless payment systems.

During the Zenith Tech Fair themed ‘Future Forward 3.0,’ Fey Wong, PalmPay’s Country Manager, discussing ‘The Next Frontier: Digital Wallets, Contactless Payments, and BNPL (Buy Now, Pay Later),’ affirmed the company’s commitment to driving contactless payment adoption in Nigeria.

At the tech fair, Wong highlighted the potential of QR Code and NFC (near-field communication) payments as pivotal in driving Nigeria’s future contactless payment landscape. He assured that PalmPay is well-prepared for both technologies, emphasising their respective merits.

“At PalmPay, we have over 600,000 offline merchants in Nigeria, most equipped with POS terminals supporting NFC payment features,” he says. He also noted PalmPay’s collaboration with mobile phone brands to integrate these features into users’ mobile devices.

Wong also discussed the benefits of QR Code and NFC technologies, emphasising that QR Codes could significantly reduce terminal costs due to 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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Palmpay’s Next Project: Contactless Payment!

The Zenith Bank Tech Fair hosted prominent industry speakers, including Premier Oiwoh (Managing Director, NIBSS), Vincent Ogbunude (Managing Director, Verve), Ebehijie Momoh (Country Manager, MasterCard), and Adelola Agbebiyi (Managing Director, Network International), who discussed the technological advancements shaping Nigeria’s payment landscape.

Beyond its presence at the Zenith Tech Fair, PalmPay’s impactful journey within Nigeria’s financial sector has been substantial. Since its 2019 debut in Nigeria under a Mobile Money Operator (MMO) license, the company has raised over $140 million in investments and grown its user base to over 30 million, with 1.1 million businesses, including 600,000 merchants and 500,000 agents, forming part of its robust cashless payment ecosystem.

PalmPay’s commitment to driving economic empowerment in Africa is evident through its array of top-tier financial products like money transfers, bill payments, credit services, and savings, all accessible via its app and mobile money agents. This sustained growth and commitment demonstrates its pivotal role in fostering financial inclusion and advancing Nigeria’s digital payment revolution.

Recently, the company, in celebration of its 4th anniversary in Nigeria, launched a ₦300 million giveaway campaign. The initiative offered Nigerians using the payment platform an opportunity to win substantial cash rewards.

The company’s vision aligns with Nigeria’s evolving digital landscape, showcasing its intent to revolutionise the payment ecosystem through cutting-edge technologies, ultimately paving the way for a more inclusive and tech-driven financial future.