PalmPay is one of the new set of apps that Transsion is pushing out in the fintech space. The app is a payments service that is set to go up against PayPal and others. Earlier on, I had done a hands-on review of its sister app, PalmCredit. I got early access to the PalmPay app too and took it for a spin.
PalmPay Hands-on Review
Signing up was easy. The app will require your phone number, and will also require you to go through a captcha, as well as enter an SMS verification code. After that, I had to enter my details such as name, email address and then create a security PIN.
I was immediately credited 200 Palmpoints for signing up. You can ramp up more points by inviting friends or by buying mobile airtime.
The app lets you fund your PalmPay account, withdraw, transfer money, top up airtime, as well as view your statement.
I successfully topped up my mobile line from the 200 Palmpoints I have on the app. I was also able to fund my PalmPay account using my debit card. The email receipt I got showed that Paystack handled that funding transaction for Transsnet. Transsnet is the fintech subsidiary of Transsions Holdings.
You can send payment to a mobile number, a bank account or to a saved contact. You can make payment by scanning a QR code.
You can request payment by creating a QR code and setting the amount you want to receive, or from a mobile number, or saved contacts.
I checked for country availability, and only 4 countries – Nigeria, China, Hong King and the United Kingdom – are supported right now. Eventually, PalmPay will likely be available everywhere Transsion Holdings sells smartphones. That means, many countries in Africa, Middle East, and Asia.
As A PayPal Alternative
While Pay Pal has a global footprint, it is long overdue for disruption. In many countries, Pay Pal still offers users limited access and features. In many cases, users can only make payment with it but not receive payments. That is a huge limiting factor.
If PalmPay is able to offer integration with other big payment platforms like MasterCard and VISA, as well as offer business accounts the ability to receive credit card payments, it will be a viable alternative to Pay Pal in many locations.
I am betting that integration with VISA, MasterCard and Verve will happen, if it does not exist already. At least, the below graphic suggests so.
I am rooting for PalmPay to succeed and give emerging markets an alternative to Pay Pal’s near monopoly in the payments space. Transsion Holdings has the coverage and clout to pull it off.