PalmPay: A New Pay Pal Alternative from Transsion Holdings?

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 Pay Pal 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 required my phone number, and also required me to go through a captcha, as well as enter an SMS verification code. After that, I had to enter my name, email address and then create a security PIN.

I immediately got 200 Palmpoints for signing up. Users can ramp up more points by inviting friends or by buying mobile airtime.

The app lets you fund your PalmPay account, withdraw, 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.

PalmPay balance after funding

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.

PalmPay is in the process of integrating the money transfer feature You will be able to request payment by creating a QR code and setting the amount you want to receive, or from a mobile number, or saved contacts.

Also read:  BBM set to introduce ability to send and recieve funds through PayPal

PalmPay QR code

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 Pay Pal 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.

PalmPay app, Pay Pal alternative

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.

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Mister Mobility

I started blogging about mobile in 2004 as a fun way to share my passion for gadgets and mobile services. My other interests include digital media, speaking and teaching, photography, travelling, and dancing.

4 thoughts on “PalmPay: A New Pay Pal Alternative from Transsion Holdings?

  • August 20, 2018 at 6:34 am
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    Can’t find the app on Playstore. Let’s hope this palmpay won’t collapse soon like Zoto

    • August 20, 2018 at 7:29 am
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      What I have is early access; it isn’t available to the public yet.

      If they go the Zoto route of dashing out airtime like that, they will fold up. That model is not sustainable.

      Payments is a real need, however, and if they are smart, that is what to focus on: help people in emerging markets receibe international payments easily. PayPal has left a huge void in a country like Nigeria that PalmPay can easily fill if they push. I hope they address that.

      If not, the app simply becomes one of those other apps.

  • August 20, 2018 at 9:40 pm
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    I eventually got d app, registered but got zero point. Seems like they have listened to Mr Mo’s advice to stop offering free points or airtime

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