PALMPAY LIMITED, its parent, subsidiaries, successors, assignees and affiliates provide access to and use of palmpay.co, a website owned and operated by PalmPay, as well as any and all other websites, mobile optimised sites, mobile applications, subdomains owned, operated or controlled by PalmPay, together with the content, software, mobile services, financial products and functionality offered on or through the Website and the PalmPay App.
PalmPay is the mobile payments organization/platform name licensed by the Central Bank of Nigeria (CBN). However, PalmPay Account is an online account linked to the PalmPay APP or/and QR Card provided by PalmPay.
PalmPay Agent is an authorised agent of PalmPay. The Agent facilitates the registration of a QR Card and enables the user to access PalmPay Account functions including, but not limited to, deposit, withdrawal, transfer and bill payment, where the user has authorised the Agent to act on its behalf for this purpose.
PalmPay OTP is an one-time password (OTP), is a password that is valid for only one login session.
Bill Payment or Pay Bill is the service provided by PalmPay via QR card, including but not limited to the recharge mobile bill payment, TV bill payment and electricity bill payment.
QR Card means a physical card issued by PalmPay with an exclusive QR code. Customers can use the QR Card via the Agent or PalmPay App.
Pay With Transfer means a Virtual Account Number for money receiving service and is linked to the PalmPay Account.
Virtual Account Number means a personal ten-digit account number linked to the Palmpay account for Pay With Transfer service.
Physical Poster means a physical poster with Virtual Account Number and Binding Code for Pay With Transfer service.
Another Name for PalmPay Bank
Another name for PalmPay Bank is PalmPay Limited. This is the operating name registered with the corporate affairs commissions (CAC) in Nigeria. The central bank of Nigeria (CBN) licensed the fintech as PalmPay in Nigeria.
Another popular name for PalmPay in Nigeria is PalmPay.com. You can also refer to PalmPay as h5.palmpay.app.
However, it’s important to let you know that PalmPay is not a bank. It’s a mobile money operator (MMO) offering financial services to unbanked areas just like OPAY.
In a nutshell, another name for PalmPay is PalmPay App or PalmPay Limited.
Is PalmPay a Microfinance Bank?
No, PalmPay is not a Microfinance Bank nor a Commercial Bank in Nigeria. The app is a finance technology firm offering digital banking services to individuals and businesses in Nigeria.
Although, PalmPay might be offering services related to MFB but it’s not a Microfinance Bank. It is licensed as a Mobile Money Operator (MMO) by the Central Bank of Nigeria (CBN). This means there are some set of services it’s not offering compared to a Microfinance Bank.
3 Letters of PalmPay Bank Name
The phrase “3 Letters of PalmPay Bank Name” contains a misunderstanding. Here’s why:
First of all, I want you to understand that PalmPay is not a Bank: As I discussed earlier, PalmPay is a Mobile Money Operator, not a bank. Banks offer a wider range of financial services like loans, account management, etc., whereas Mobile Money Operators (MMOs) primarily focus on mobile payments and transfers.
PalmPay doesn’t have a 3-letter abbreviation. Unlike traditional banks that often have short codes for transactions (e.g., UBA for United Bank for Africa, GTB and FCMB), PalmPay likely wouldn’t have a separate abbreviation for its name.
Therefore, the concept of “3 Letters of PalmPay Bank Name” doesn’t apply in this case.
However, depending on the context you encountered this phrase, here are some possibilities:
- USSD Banking: It’s true that PalmPay offers *652# USSD banking services which allow users to transact via phone without an internet. But since PalmPay isn’t a bank, this wouldn’t be relevant for abbreviation.
- Informal Shortening: It’s possible someone might informally shorten PalmPay to “PLM” in conversation, but this wouldn’t be an official designation.
In a nutshell, PalmPay doesn’t have a 3 Letter abbreviated name. And another name for PalmPay in Nigeria is PalmPay Limited.
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FAQs of PalmPay’s Another Name
Is PalmPay a bank name?
No, PalmPay is not a Bank Name. PalmPay is the operating name for PalmPay Limited and related services like PalmPay App.
Is PalmPay and PalmCredit the same company?
Although PalmPay and PalmCredit share the same starting name – “Palm” but they’re different company. PalmPay and PalmCredit also offers financial services to users but in different areas; PalmPay offers banking services while PalmCredit offers Buy Now Pay Later (BNPL) services to users.
What is another bank like PalmPay?
Another popular FinTechs like PalmPay are OPay Chipper Cash, ALAT and PayDay.
What is the full meaning of PalmPay?
The word “Palm” used in PalmPay means “payment at your fingers”. This simply implies that payments made simple.
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