Financial service provider PalmPay unveils its inaugural debit card in cooperation with Verve, signaling a trend towards indigenous card systems.
PalmPay Introduces Debit Cards in Partnership with Verve
PalmPay, a leading Nigerian fintech, has announced the launch of its debit card in collaboration with Verve. This move aims to improve payment infrastructure, promote financial inclusion, and provide users with faster, safer, and more seamless transactions using contactless technology.
The debit card, available in both standard and premium versions, is tied to a new membership program. Premium members stand to benefit from up to 36% annual savings interest compared to the 20% offered to standard users. To qualify for premium status, users must maintain a monthly balance of at least ₦20,000 and make transactions totaling at least ₦500,000 each month.
The launch of the PalmPay debit card follows the fintech's partnership with the national domestic card scheme, AfriGo, three weeks prior. The debit card supports tap-to-pay contactless technology with PIN authentication, offering convenience, speed, and enhanced security tailored for African consumers.
With this initiative, PalmPay expands access to formal payment channels for underserved populations, aiding Nigeria’s broader push for inclusive financial services. The debit card also improves the user experience by enabling seamless transactions across various physical locations such as markets, restaurants, fuel stations, and airports.
The partnership exemplifies PalmPay’s strategy to deepen collaborations across the fintech landscape, accelerating innovation and infrastructure development to support Nigeria’s digital economy growth. As one of Africa’s fastest-growing fintechs, the card launch enhances PalmPay’s competitive positioning, drives user engagement, and increases transaction volumes in a highly competitive Nigerian fintech market.
The debit card launch is part of a larger trend among Nigerian fintechs forming alliances with local card schemes in response to increasing costs from international card providers and reduced consumer spending. Companies like Opay and Moniepoint have issued about 17 million Verve cards since the pandemic, moving away from global partners like Visa and Mastercard.
Other fintech players such as HabariPay and Paystack are also focusing on digital payments within their fintech arms. HabariPay is betting on an increase in transfer volumes, while Paystack has launched Zap by Paystack, its first consumer app, focusing on boosting transfer volumes within the Paystack platform.
The statement suggests that some Nigerian consumers may not have access to digital payment methods other than debit cards. The launch of the PalmPay debit card marks a strategic step toward boosting cashless payments, enhancing user convenience, and advancing Nigeria’s fintech maturity through collaborative innovation.
- PalmPay's debit card launch, a venture capital-backed initiative, aims to lead the way in the digital transformation of Africa's financial industry, providing technology-driven solutions for seamless transactions and fostering financial inclusion among Nigerian consumers.
- As PalmPay aggressively pursues partnerships with local card schemes like Verve, and with the introduction of innovative features like contactless technology and a membership program offering competitive interest rates, the fintech is positioning itself for growth, securing financing from venture capitalists to further expand its footprint in the increasingly competitive Nigerian business landscape.
