PalmPay, a fresh competitor in Africa’s fintech industry, has revealed its partnership with Visa, global payments technology company, to enhance financial inclusion all over the African continent, via access to real time digital payment services.
In accordance with the partnership, PalmPay discussed plans to develop an application with a mobile wallet in Nigeria, Ghana, and Tanzania that provides customers a means of topping funds electronically or via offline access points.
PalmPay disclosed that the application will aid Visa cardholders to make online and mobile payments by linking their card details to their PalmPay profile. As for non-card carriers, they will be able to generate a virtual Visa card when they sign up. It will even offer access to several 3rd party financial products.
In a recent statement, the Vice President, Strategic Partnerships, Fintech and Ventures at Visa, Otto Williams revealed that the aim of improving financial inclusion is the reason for the partnership. He shared that the collaboration will help customers and merchants that were not formerly catered for by regular financial services all over Africa.
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His exact words were, “Around the world, there is a growing recognition that cash is a major impediment to advancing financial inclusion, and Africa remains a cash-centric region. Delivering access to digital payment services on more mobile phones will be a significant step towards the continued expansion of financial inclusion on the continent.”
PalmPay CEO, Greg Reeve also revealed that the partnership will help to form a digital financial ecosystem that will unite the most appropriate services and offers in several markets, plus will be accessible by all smartphone owners, which does not exclude those that do not have access to a bank.
Greg’s words were, “Most existing apps are built to only carter for people who already have formal financial accounts. This means that you can only send money and request for loans only when you have an account to deposit or receive such loans.
“With our mobile wallet, third parties can plug into our platform and encourage people who are just joining the digital world to make and receive payments. PalmPay is also introducing a loyalty point’s programme to incentivise the growth of its service,”
Greg also said PalmPay will not limit its partnership to just Visa as they plan to collaborate with other industry competitors like Global Technology Partners and Ecobank Group, who they are presently working with on payment processing and banking services.
PalmPay is attracting attention in African countries like Nigeria, Ghana and Tanzania and will be launched in a couple of months from now.
An early access version can be checked out on the Play Store and App Store. It lets users pile up PalmPoints, which is useful for transactions as soon as the complete application is ready.