Palmpay vs. OPay. Which is better?

0 6 minutes read

With the advancement of technology, the world is experiencing a global change that has brought about the birth of digital banking.

Digital banking has spread far and wide around the world.

It has served as a simple and easy means of providing financial services.

PalmPay and OPay are one of the most used digital applications in Nigeria.

So it’s no surprise for citizens to be having difficulty choosing between PalmPay vs. OPay. Which is better?

This article has been composed with a combined knowledge of Palmpay vs. OPay. Which is better?

Want to know more, then read through the article and gain more experience!

What is Palmpay?

PalmPay is an electronic wallet founded in 2018 based in London, United Kingdom.

It was established by a Chinese company, NetEase, in conjunction with Transsion corporations.

It was officially introduced to Nigeria in November 2019 and has since gained popularity.

PalmPay is a dominant banking system, and its headquarter is based at 20 Opebi Rd. Ikeja, Lagos State, Nigeria.

It is an online platform that was created to offer financial services to users using the mobile app.

Also, this digital platform allows you to make money while using the app; isn’t that sweet?

What is Opay?

OPay is a one-stop digital-based platform that allows you to save money, make transfers, and access other financial services.

OPay is an acronym for Official Payments Corporation, a Delaware corporation.

The OPay platform is owned by a Chinese billionaire Yahui Zhou.

He created the mobile-based platform through his web browser company Opera.

OPay was established in 2018 and was also introduced first to the largest city in Nigeria, Lagos, in August 2018.

Its headquarters is in Alausa, Ikeja, Lagos, with an additional office in Beijing and Gothenburg.

It has become a dominant alternative to banks and is used by over 30 million users.

PalmPay and Opay are the most popularly used of all digital banking systems in Nigeria.

Although both platforms offer similar services, they are different in their functionalities and features.

This makes them stand out from each other and causes concern as to PalmPay vs. OPay. Which is better?

Features and Functionalities of PalmPay Vs. OPay. Which is Better?

PalmPay and OPay are two mobile banking systems popular in Nigeria.

They both offer similar services and functionality with just a few feature differences.

What platform provides a wide range of financial services which includes paying utility bills, saving, and cashback?

They also guide you through money-making processes.

This platform also provides online shopping, ride-hailing services, and discounts for comfortable services.

Unlike PalmPay, which only gives the aforementioned services explained above, OPay is more broader in key features.

Users are allowed to invest, buy movie tickets, book flights, and even order food from restaurants.

They even give 15% interest on annual fixed savings.

They also provide physical cards, which you can use to withdraw money from ATMs of any bank in your vicinity.

Loaning System of PalmPay Vs. OPay. Which is Better?

The learning systems of PalmPay and OPay are quite different.

You can get a loan from OPay at exactly anytime you need it, unlike PalmPay, where you have to have used the service for a certain period.

Both PalmPay and OPay are sponsored by inbuilt services.

OPay has an inbuilt service called okash which allows you to borrow loans of up to 500,000 nairas.

However, the amount of loan you get depends on your credit rating and report.

PalmPay, on the other hand, has an inbuilt service called Flexi Cash.

But the truth is you don’t get to borrow a loan until you’ve used the app for a specific period.

This, however, makes OPay a better digital application to PalmPay when it comes to the loaning system.

User Experience and Ease of Use of PalmPay Vs. OPay. Which is Better?

OPay is a complex digital app that requires intelligence to operate.

PalmPay, on the other hand, is more simple and easier to use, even by a novice.

PalmPay is designed with large bar designed buttons with easily read text.

The app interface is also straightforward and easily understandable, unlike OPay, which is logical and full of complex designs.

The PalmPay app is easier for users to navigate, while OPay needs to be navigated before it can be used.

Many users find it confusing to use OPay on the first trial, but they can become pro on continuous usage.

Security and Customer Care Service of PalmPay Vs. OPay. Which is Better?

The security aspects of PalmPay and OPay are strictly secured.

They are also both insured by the Nigerian deposit insurance commission (NDIC).

They are also end-to-end encrypted, and no one has access to any of your transactions.

The customer service of both platforms is also available 24/7.

Both platforms also allow you to contact customer services through either live chat support or email.

However, as a user, you should be security conscious of your accounts.

Make sure you change your account access PIN every month and don’t expose it.

You could also set up fingerprint unlock so that no one can compare it with your account.

Similarities between Palmpay and Opay

Opay and PalmPay have some similarities, which make them almost identical.

Some of which include:

Both OPay and PalmPay allow you to access all the financial services, such as payment of utility bills and obtaining recharge cards.
Both OPay and PalmPay financial platforms can be accessed through mobile apps downloaded from Google Play.
Both platforms allow you to send and receive cash via cash deposit by any POS agent, online transfer, or USSD transfer.
Both platforms also give bonus payments on referrals.
Both platforms also allow you to access loans, however, with different interest rates.
You get access to cashback and discounts when you use both platforms.
Opay and PalmPay also give access to POS services, and you can also become an agent to facilitate the productivity of the organization.
Three free daily transfers, which makes 90 Free transfers available on both PalmPay and OPay.

Why Choose PalmPay over OPay?

There are some reasons why people prefer PalmPay over OPay, and some of the reasons include:

The PalmPay app is easily understandable, while OPay is complex to use.
Opportunity to convert unused airtime into cash, while OPay doesn’t have this feature.

Why Choose OPay over PalmPay?

There are also reasons why some individuals might choose OPay over PalmPay and these include:

Access to 15% annual interest on fixed savings.
USSD banking is available on OPay, while it isn’t available on PalmPay.
Easy access to loans, unlike PalmPay, where you have to wait for a specific period before you can access loans.
Access to a physical debit card which can be used to withdraw cash from an ATM, while PalmPay doesn’t have this feature.
Investment is possible on OPay, while such isn’t possible on PalmPay.
OPay provides a broad spectrum of financial services, such as online shopping, ride-hailing services, and discounts that PalmPay doesn’t offer.

Final Verdict

Knowing what to choose between PalmPay vs. OPay. Which is better? Requires adequate information to decide.

Palmpay and Opay can only be chosen based on individual preference.

As a rule of life, anything that has certain advantages must as well as disadvantages.

If you want a digital platform that is straightforward and easy to operate, then PalmPay might be the best option for you.

However, if you want a digital platform that is complex and has a broader spectrum of financial services, then OPay is for you.

So if you would like to know about PalmPay vs. OPay. Which is better? Then this article is your stop to a decision.

Frequently Asked Questions on PalmPay vs. OPay. Which is better?

Is PalmPay or OPay a digital platform to use outside of Nigeria?

No, it isn’t possible to use Palmpay or OPay in foreign countries, even if their existence came from foreign countries.

They are only available for use in Nigeria.

Are PalmPay and OPay secure to use?

Yes, both Palmpay and Opay are secure to use as they are registered by NDIC and the Central Bank of Nigeria (CBN). However, it is important to practice important online security habits.

Users should employ the usage of strong passwords and avoid suspicious links and emails to prevent their accounts from being hacked.