Popular Nigerian digital bank, Palmpay, is stepping up its efforts to boost contactless payment adoption across Nigeria.
This is part of the company’s broader plan to ensure Nigeria’s digital finance future remains in good hands.
Palmpay recently reiterated its commitment at the BusinessDay Future of Payment Conference, a gathering that brought several industry leaders together to discuss the way forward with payment solutions.
According to PalmPay’s Senior Business Development Manager, Ifeanyi Uzoka, who was speaking as a member of the panel, even if regulatory support has clearly supported the increase in contactless payments among Nigerians, the country’s reliance on cash remains a major obstacle.
He believes that while several Nigerians currently own contactless-enabled cards, there is still a scarcity of locations, especially outside major cities, where these cards can actually be used for “tap and go” payments.
Ifeanyi said that this sad reality has forced PalmPay to address the lack of a safe and accessible solution by collaborating with Verve to launch contactless-enabled cards with an added layer of authentication.
“While regulatory support has enabled the rise of contactless payments, Nigeria’s heavy reliance on cash remains a major barrier to widespread use.
Designed with user security in mind, all contactless transactions on PalmPay’s platform are equipped with an extra layer of authentication,” he said.
According to him, with a user base of more than 35 million Nigerians, Palmpay keeps championing innovations that will guarantee a digitally empowered and financially inclusive society.
Uzoka concluded by saying Nigeria adopting contactless payments will go a long way towards developing the nation’s digital capability, because it perfectly aligns with global trends.
“The push into contactless payments aligns with global trends and affirms the company’s leadership in driving the evolution of financial services in Africa,” he added.
