Opay vs Palmpay: A Candid Review
Written By
Richard OkoraforFinance, Business and Tech writer
Reviewed By
Franklin IzuchukwuCrypto Writer, Business Writer and Radiographer
For hundreds of years, the banking industry has been characterized by traditional banking methods that demand customers and bankers to interface before transactions can be made. This style of functioning has gravely limited the enormous opportunities the banking industry could offer nations’ economies.
Fast-track to today, following over two decades of disruption of banking activities by the introduction of the Internet and the Central Bank of Nigeria's policies. The resultant ease in the banking style has brought about two Internet financial platforms that have been evolving how we do banking for years. These platforms are Opay and Palmpay.
This post answers a long-awaited and critical question among tech-savvy bankers: Which is better, Opay or Palmpay?
What are Opay and Palmpay?
If you’re hearing the names Opay and Palmpay for the first time, there’s a high chance that you aren’t a Nigerian. Opay and Palmpay are Nigeria's two most popular Internet banking and financial platforms.
Both platforms provide bank-to-customer financial services, including opening accounts, receiving money, sending money, point-of-sale (POS) services, paying bills, etc. While Opay was founded in 2018, Palmpay was founded later in 2019. Both Opay and Palmpay are headquartered in Lagos, Nigeria.
Legacies of Opay and Palmpay for the Banking Market
Opay and Palmpay have changed banking services in Nigerian through the following services:
- Improved Banking:
The advent of Opay and Palmpay caused an upward movement in the services rendered to banking customers in Nigeria. The platforms forged a movement that allowed banking to become more customer-centric, innovative, and convenient.
- Virtual Banking:
Perhaps one of the greatest legacies attributable to both platforms is the introduction of virtual banking into the Nigerian market. The service of virtual banking is the core of both businesses and breaks the limit to which technology has scaled the activities in the Nigerian banking industry. For instance, customers can now conduct banking transactions from the comfort of their homes.
- Cashless Economy:
These banking platforms promote a reduction in reliance on cash for daily transactions. Customers can conduct peer-to-peer banking transactions and daily commercial activities through the Opay and Palmpay platforms.
- Easy Loan Access:
Both Opay and Palmpay revolutionized how loans are issued to customers through the use of platforms. Customers can now easily access loans for varying business and personal ventures through both platforms. In some cases, all that’s required to obtain a loan is the customer’s phone number and the customer’s Bank Verification Number (BVN).
Similarities Between Opay and Palmpay
Opay and Palmpay share so many striking similarities that it often gets difficult to tell the difference between the two platforms. Here are some similarities we noticed on both platforms.s
Transfer of Funds
Perhaps one of the major similarities between both platforms is the accessibility provided for the seamless transfer of funds. Users on both Opay and Palmpay can access a wide range of avenues where money can be received or sent, as well as where bills can be paid. Some of these money transfer methods include USSD avenues, online transfers, point-of-sale (POS) units scattered all over the country, etc.
Mobile Access
Both Palmpay and Opay offer seamless platforms that are mobile friendly. We navigated both financial platforms and found they were tailored to be easily used by the least educated Nigerians. Icons and interfaces are placed evenly at places that can be convenient for navigation by users on the platform.
The Reward-Based System
Both platforms offer users the opportunity to earn cash by performing referrals and other daily tasks. After undertaking numerous tasks, users can earn points, vouchers, cashbacks, and other incentives.
Easy Onboarding
Another method adopted by both platforms that has increasingly influenced the grassroots is the ease of onboarding new users. Users can gain access to a bank account without the hassles of visiting a physical bank or submitting excessive data that can be time-consuming. For both platforms, what is simply required is the user's phone number, and an account is immediately opened.
Palmpay Dashboard
Differences Between Opay and Palmpay
Opay and Palmpay offer similar services, but there are still notable differences between these two internet banking apps. Some of these differences are:
- Banking Cards: Both Opay and Palmpay offer banking card options to users. Nonetheless, the card option is offered in varying ways. Opay offers both virtual and physical cards that can be used for payments online and at traditional ATM stands. Palmpay, on the other hand, offers physical or virtual QR cards that can be used for payments on POS machines only. This limitation gives Opay a score above Palmpay.
- Bill Payments: Palmpay ranks higher than Opay in this regard. The Palmpay platform possesses a feature for easy bill payments to customers. This feature is called Palmpay Plus. Through Palmpay Plus, users can create bill and invoice payments for their clients to pay while using Palmpay. Once the client pays, the money is deposited on the client's Palmpay account. Unfortunately, Opay does not possess this easy bill payment feature. This seamless bill payment service through Palmpay Plus gives Palmpay another score over Opay.
- Flexi Loan: Despite both platforms offering loan advances to their users, Palmpay ranks higher than Opay through its Flexi loan options. The Flexi loan allows users to borrow funds for everyday bills like recharge cards, internet data, electricity bills, and others. This feature cannot be seen on Opay and therefore gives Palmpay a score.Â
Customer Reviews On the Apple Store
Palmpay received a customer rating of 4.1 out of a 5.0-star ranking schedule. Over thirty-three thousand users participated in the rankings on the iStore.
Opay, on the other hand, has a rating of 4.0 out of a 5.0-star ranking schedule, with over thirty-five thousand customers participating in the rankings.Â
Customer Reviews On the Google Play Store
Palmpay has a 4.5 out of 5.0-star ranking on the Play Store, with over six hundred thousand customers participating in the rankings.
Opay has a 4.4 out of 5.0-star ranking on the Google Play Store, with over five hundred thousand customers participating in the rankings.Â
Customer Reviews On Trustpilot
Palmpay has a relatively poor ranking of 2.2 out of 5.0 on Trustpilot, with just 11 customers participating in the rankings.
Opay has a 3.0 out of a 5.0 ranking on Trustpilot, with 51 customers participating in the rankings.
Our Verdict
If you’re a reward buff who loves awoff deals while banking, the Palmpay platform would be best for you because of its increasing reward culture and its Flexi loan options.
Nonetheless, if you’d prefer ease in banking and a fast-paced banking culture, Opay ranks high in this regard through its virtual and physical banking cards that can be used in any bank’s ATM.