Palmpay Positioned To Lead Contactless Payment Adoption

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.

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.