Fintech company PalmPay has teamed up with payments giant Visa to bolster access to digital payment services in Africa.
Under this partnership, PalmPay will launch a mobile wallet app in Ghana, Nigeria and also Tanzania.
Furthermore, the mobile wallet will allow users to make and accept individual and merchant payments.
It will also enable customers to top up funds electronically as well as through offline access points.
Payments within the app can be initiated by Visa cardholders. They can carry out online and mobile payments by attaching their card details to their PalmPay profile.
Non-cardholders will be able to generate virtual visa card by registering on the app.
Expanding mobile wallets across Africa
The app will also provide users with access to third party financial products. PalmPay is also offering customers loyalty points on purchases to popularise this service.
Visa vice president for strategic partnerships, fintech and ventures Otto Williams said: “Advancing financial inclusion remains a priority for us at Visa. This collaboration with PalmPay will help us reach consumers and merchants not previously addressed by traditional financial services, across Africa.
“Around the world, there is a growing recognition that cash is a major impediment to advancing financial inclusion. Africa remains a cash centric region. Delivering access to digital payment services on more mobile phones will be a significant step towards the continued expansion of financial inclusion on the continent.”
PalmPay CEO Greg Reeve said: “Most existing apps are built to only carter for people who already have formal financial accounts – that is you can only send money, request for loans once you have an account to deposit or receive such loans.
“With our mobile wallet, third parties can plug into our platform and encourage people who are just joining the digital world, to make and receive payments.”
The app is currently being tested by a limited and private group of beta customers. It is expected to be launched in the coming months.
Currently, users can download an early access version of the app on Google Play Store and the iOS App store.