Palmpay is a mobile payment platform allowing users to make payments, transfer money, and pay bills using mobile devices. It was launched in 2019 in Nigeria and has since expanded to other African countries.
Palmpay is a subsidiary of Transsnet Group, a joint venture between Transsion Holdings and NetEase. If you are interested in knowing how create an account with Palmpay, how to become a Palmpay POS agent? This article is a great place to start.
Brief History of Palmpay
PalmPay is a mobile payment platform that was launched in 2019. Transsion Holdings, a Chinese smartphone manufacturer that dominates the African market, developed the platform.
PalmPay was created to give Nigerians a convenient and secure way to pay using their mobile phones. The platform allows users to make payments for goods and services, pay bills, buy airtime and data, and transfer money to other users. PalmPay also offers cashback rewards, discounts, and other incentives to users who transact on the platform.
Since its launch, PalmPay has gained significant traction in Nigeria’s crowded fintech market. The platform has partnered with major banks, telecoms, and merchants to expand its reach and provide more value to its users.
PalmPay’s success has attracted investment from several notable companies, including Tencent, the Chinese tech giant behind WeChat, and the investment firm TECNO Mobile. These investments have helped PalmPay to expand its operations and reach more users across Nigeria and other African countries, including Ghana.
Features of Palmpay
Palmpay offers a variety of features to make mobile payments and transactions more convenient for users. Some of these features include:
Payment processing: Palmpay allows users to make payments using their digital wallets at various merchants and online stores.
Digital wallet: Users can store funds in their Palmpay digital wallets and use them to make payments or transfer money to other users.
Mobile airtime recharge: Users can easily recharge their mobile airtime using Palmpay.
Utility bill payments: Palmpay supports payments for electricity, water, cable TV, and other utilities.
P2P money transfer: Users can transfer funds to other Palmpay users or bank accounts.
Cashback and rewards: Palmpay offers cashback and rewards to users who make transactions using their platform.
Benefits of Using Palmpay
Using Palmpay has several benefits, including:
Convenience: Palmpay makes it easy to make payments and transactions from your mobile device.
Security: Palmpay uses advanced encryption and security measures to protect users’ personal and financial information.
Speed: Transactions on Palmpay are processed quickly, allowing users to make payments and transactions in real time.
Cost-effectiveness: Palmpay charges low transaction fees, making it a cost-effective option for mobile payments.
How to Use Palmpay
To use Palmpay, follow these simple steps:
- Download and install the Palmpay app from the App Store or Google Play Store.
- Create an account and verify your identity using your phone number and other personal information.
- Add funds to your digital wallet using a bank transfer, debit card, or other payment method.
- Use Palmpay to make payments, transfer money, and pay bills at supported merchants and businesses.
How to Download Palmpay Mobile App (Apk)
You can download Palmpay mobile app from either the Google Play store on your Android device or from Apple Store on your iPhone or iPad.
Here’s a step-by-step guide on how to download Palmpay mobile app from Google Play Store and Apple Store:
For Android Devices:
- Open the Google Play Store app on your Android device.
- In the search bar, type Palmpay and tap the search icon.
- From the search results, select Palmpay.
- Tap the “Install” button to download and install the app.
- Wait for the download and installation process to complete.
- Once the app is installed, tap the “Open” button to launch Palmpay.
- Follow the prompts to sign up or log in to your Palmpay account and use the app.
For iOS Devices:
- Open the App Store app on your iPhone or iPad.
- In the search bar, type Palmpay and tap the search icon.
- From the search results, select Palmpay.
- Tap the “Get” button to download and install the app.
- Wait for the download and installation process to complete.
- Once the app is installed, tap the “Open” button to launch Palmpay.
- Follow the prompts to sign up or log in to your Palmpay account and use the app.
That’s it! You have successfully downloaded and installed Palmpay mobile app on your device.
How to Create an Account on Palmpay Mobile App
To create an account with Palmpay, you can follow these steps:
Step 1: Download the Palmpay app from the Google Play Store or Apple App Store (I have provided the steps for downloading the Palmpay app above).
Step 2: Open the app and select “Sign up.”
Step 3: Enter your phone number and select “Next.”
Step 4: Verify your phone number by entering the verification code sent via SMS.
Step 5: Create a password and select “Next.”
Step 6: Set up your profile by entering your name, email address, and other required information.
Step 7: Accept the terms and conditions and select “Submit.”
Step 8: After completing the above steps, your account will be created, and you can start using Palmpay to send and receive money, pay bills, and more.
Note: You may also be required to provide additional information to verify your identity, depending on your location and the type of transactions you wish to carry out.
How to Apply for Palmpay QR Card
To apply for a Palmpay QR card, you can follow these steps:
- Log in to your Palmpay account, and tap the “My QR Card” icon in the “Me” tab on the home screen.
- Tap on the “Apply Now” button.
- Fill out the application form with your personal information, including your name, email address, phone number, and delivery address.
- Upload a valid government-issued ID card (e.g., driver’s license, national ID, or passport).
- Apply and wait for the approval.
Once your application is approved, your Palmpay QR card will be delivered to the address you provided during the application process.
How to Use the Palmpay QR Card for Cash Transactions
The Palmpay QR card is easy to use. As a Palmpay account holder, I have used my Palmpay QR card to perform various cash transactions, such as cash deposits and withdrawals. This is how to use the Palmpay QR card:
For Cash Deposit:
For cash deposits using a Palmpay QR card, head to a nearby POS terminal with your cash and QR card. The POS agent will then slot in the QR card with the desired amount to be deposited, after which you will key in your transaction PIN to authorize the transaction. Wait for the money to reflect on your Palmpay wallet before leaving.
For Cash withdrawal:
To withdraw cash using your Palmpay QR card, visit a Palmpay POS terminal nearby. Hand over the QR card to the POS agent, who will scan the QR card using their Palmpay POS machine, and money will be deducted from your account; then, the cash will be given to you. Cash withdrawal using a Palmpay QR card only works with the Palmpay POS machine.
How to Become a Palmpay POS Agent
Becoming a Palmpay POS agent is a great way of making money by simply performing cash transactions for people. Becoming a Palmpay POS agent is easy, especially if you already have an account with Palmpay.
Follow through as I take you through everything you need to know about becoming a Palmpay POS agent, the cost of getting a Palmpay POS machine, and how to apply for a POS machine.
To become a Palmpay POS agent, follow these steps:
- Download the PalmPay POS app (PalmPartner) from Play Store or App Store.
- After downloading and installing the app, sign in with your PalmPay login details. If you don’t have an account, you can quickly create one (I have outlined the steps for creating a Palmpay account above).
- Once you’ve signed in, go to your dashboard, locate the “PalmPay POS option, and tap the “Apply Now” button.
- You’ll be asked to upgrade your account. If your account still needs to be upgraded, you can upgrade it with your BVN and continue.
- Now, complete the application process and wait for a PalmPay customer care representative to reply.
- The representative will ask you a couple of questions, and if you qualify, your application will be approved.
- Finally, your POS machine will be sent to you within a few days after paying the cautionary fee of either 20,000 or N30,000, depending on the type of POS machine.
Documents Required Before Applying for Palmpay POS Agent
- A valid identification document, e.g., voter’s card, National ID card, international passport, or driver’s license.
- A valid bank account and Bank Verification Number (BVN) is required.
- Utility bills such as electricity bills must be presented.
- A physical space that is far from other Palmpay agents or merchants.
- Agents must be familiar with the app’s transaction user interface and know how to carry out basic transactions. Therefore, you must be able to perform multiple transactions using the PalmPartner app.
As soon as you meet these requirements, you can become a PalmPay merchant.
Type of Palmpay POS Machines
There are two types of Palmpay POS machines, namely:
- Android POS machine: can operate like an Android because of its interface. The cost of acquiring it is N30,000.
- Traditional or Analog POS Machine: it’s old-fashioned and has different features than the android. It can be bought for 20,000.
Palmpay POS Service Charges for Every Withdrawal and Cash Deposit
For Cash Withdrawal:
Whenever you withdraw as a PalmPay agent or merchant, a 0.5% fee will be deducted from your total. It translates to a flat N5 service fee for any withdrawal transaction above N1,000.
For Cash Deposit:
PalmPay POS transfer fees, compared to percentage-based withdrawal fees, are set in advance.
All deposits, regardless of size, will incur a fee of N10. It implies a flat service fee of N10 will be deducted from your deposit amount, whether N100 or N10,000.
Palmpay Customer Support Number
For inquiries or complaints, you can reach out to the Palmpay support team through the following contact information:
Email: support@palmpay.co
Phone Number: 017005700 (Nigeria) or 0800725644 (Ghana).
Office Address:
- Nigerian head office at 20, Opebi Road, Ikeja in Lagos, Nigeria.
- The Ghanaian head office is at 54 Senchi Street, Airport Residential Area in Accra, Ghana.
Frequently Asked Questions
Can I open a PalmPay account without BVN?
You can create a complete financial account on PalmPay even if you don’t have a BVN.
Is Palmpay only for Nigerians?
No. PalmPay is a Pan-African digital wallet operating in Nigeria, Ghana, and many African countries.
Who owns Palmpay?
Palmpay is owned by Transsnet—a joint venture firm between Transsion and NetEase.
How much does PalmPay POS charge per transaction?
As a PalmPay agent or merchant, all withdrawals attract a charge of 0.5%.
Final Wrap Up
Palmpay is a mobile payment platform that offers a variety of features to make payments and transactions more convenient for users. Its benefits include convenience, security, speed, and cost-effectiveness. As discussed in this article, you can also become a Palmpay POS agent and apply for a POS machine.
I have been using Palmpay for most of my transactions for about a year now and can confidently tell you that Palmpay is one of the best fintech platforms you can use to carry out various cash transactions.
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