PalmPay and OPay are household names in Nigeria. They’re both popular as a payment app on the street. Before you think of money transfer, think of OPay and PalmPay. Both fintech apps are mobile money operators (MMOs) in Nigeria.
However, many people are wondering which of the two payment apps is best. Well, depending on your scale of preference, you can choose either OPay or PalmPay for your day to day financial transactions.
In this article, I will walk you through the advantages of OPay over PalmPay and the advantages of PalmPay over OPay. Hence, at the end of this article, you should be able to choose the one that will suit your needs.
Similarities of OPay and PalmPay
License: Both PalmPay and OPay were established in 2018. They’re both licenced by the Central Bank of Nigeria (CBN) as a Mobile Money Operators (MMOs) in Nigeria. The fintech companies build applications for their customers to access financial services easily.
User Base: OPay and PalmPay have the largest number of user-base among other Fintech apps in Nigeria. They both have 10+ Million downloads on Google play store. In the aspect of the financial services they offers, they both offers free inter-bank transfers, bill payments, funding of betting accounts, TV cable subscription and many more.
Savings: They both also offers savings festures that allows users to manage their savings seamlessly. OPay is currently offering savings festures including OWealth, Targets, Fixed, SafeBox, and Spend & Save. While PalmPay, on the other hand, is offering savings festures like CashBox, Spend & Save, Target Savings, and Fixed Savings.
Loan: PalmPay and OPay both give their customers access to easy and quick loans. You can easily request cash advance for urgent personal use on both fintech apps. However, it’s important that these apps are offering loan through third-party providers because their are not licenced to offer credit to the community. In essence, the third-party providers terms and conditions and interest rate may apply to the loans.
Reward: Speaking of rewards, PalmPay and OPay are offering reward incentive programmes that let their customers complete daily tasks and earn rewards. On OPay, Cashbacks and Vouchers are earned, while on PalmPay, points, cashbacks and coupons are earned.
POS: OPay and PalmPay have agents network all over the 36 states of Nigeria, offering banking services to the unbanked areas through their POS machine. OPay POs machines are categories on different size with different functionalities. For instance, the OPay Mini POS Machine is the recently introduced POS terminal and it use smartphone Bluetooth to connect to card reader.
Likewise PalmPay’s POS Machine,it’s categorized into two terminal; the traditional POS and the Android POS. For now, only OPay is offering mini POS with card reader.
Advantages of OPay over PalmPay
Yes, it’s true that both fintech apps are similar but there must be a slight differences between them. Here are what OPay are offering that are not available in PalmPay App:
Bank Card: OPay is offering both physical card and virtual card. However, PalmPay is neither offering ATM card not virtual card. OPay also offers a broader range of services including transportation (like bike and tricycle hailing), food delivery, and financial services. PalmPay primarily focuses on financial services.
Advantages of PalmPay over OPay
There are many advantages of PalmPay over OPay. PalmPay offers more financial features than OPay app. However, OPay offers more services outside financial inclusions than PalmPay. Here are what’s in the PalmPay App that’s not available in OPay App:
PalmPay Plus: This is an agent service that allows individual using the PalmPay App to offer Bill payment services to final consumer. With this feature, you can start a bill payments business in your community. The PalmPay Plus gives users exclusive discounts and cashbacks on every bill purchased for customers and you get paid the following day. Your commissions will be deposited directly into your PalmPay wallet and can then be withdrawn to any bank of your choice in Nigeria.
PalmPay QR Card: This is another feature in PalmPay App that’s not available in OPay App. Although, OPay offers a virtual card and ATM card. The alternative means of these card in PalmPay is QR Card. PalmPay QR Card is a physical card that works exactly like debit card but cannot be used at ATMs. It’s only functional at POS terminal by scanning the QR code on it or entering the QR Card Number. In a nutshell, the QR Card can be used to withdraw money from your PalmPay Account, purchase airtime and data and it can also be used to pay bills.
PalmPay Flexi Loan: Although, Loan is offer in OPay App but the Flexi Loan in PalmPay App is a specially designed loan for bill payment and mobile top up. PalmPay Flexi allows you to pay bills and purchase airtime or data on credit. This feature is not available in OPay, however, you can also request for a cash advance on both fintech apps. Learn more about PalmPay’s Flexi Loan here.
PALMPAY vs OPAY: Which is Best?
If you’re choosing between OPay and PalmPay, the “best” platform depends on your priorities. OPay and PalmPay are two of the leading fintech apps in Nigeria, offering a range of financial services through their user-friendly mobile applications. Both cater to the growing demand for a cashless economy, but deciding which one suits you best depends on your specific needs.
Now, come to think of it, PalmPay and OPay offer free mobile money transfer, reward incentive programmes, POS coverage, debit cards and user-friendly interface. However, there are some certain festures which are available in PalmPay App which are not available in OPay App.
Final Decision: Choose OPay if you prioritize free ATM withdrawals, a high-interest savings account, or a wider POS agent network (especially in remote areas). On the other hand, you can choose PalmPay if you’re a rewards program enthusiast and prioritize maximizing points for discounts or merchandise.
It’s also wise to consider factors like customer support and brand reputation when making your choice. Research online reviews and see which app users report better experiences with resolving issues. The Nigerian fintech landscape is constantly evolving. Both OPay and PalmPay are likely to introduce new features and adjust their offerings every day by days.
Is PalmPay and OPay the same Company?
No, PalmPay and OPay are not the same company. They are both separate fintech companies operating in Nigeria, but with some related services.
Different Ownership: PalmPay is co-owned by Transsion Holdings, a Chinese phone manufacturer, and NetEase, a Chinese internet tech company. OPay is owned by a consortium of investors, including Opera (a web browser company) and several Chinese venture capital firms.
Independent Operations: They function as separate businesses with their own similar but unique features, fee structures, and reward programs.
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