PalmPay joins Zone’s regulated blockchain network to enhance payment reliability

PalmPay, with over 1,200,000 agents & merchants, is leveraging Zone’s blockchain technology to strengthen its transaction reliability

This was made known when Zone, Africa’s fastest-growing payment infrastructure company, announced recently that PalmPay has joined its decentralized payment network.

This integration with Zone’s regulated blockchain network for payment enables PalmPay to fortify its payment capabilities, ensuring reliable, secure, and compliant transactions across its extensive network, according to a statement made available to BusinessDay.

Obi Emetarom, co-founder and and CEO of Zone, said his organisatiom is thrilled to welcome PalmPay to its payment network.

Accorsing to him, Zone’s hugely successful approach of becoming a market leader by delivering superior payment experiences aligns nicely with its focus on providing a reliable and frictionless yet secure and compliant payment network.

“With our infrastructure, PalmPay is set to boost its value proposition to its customers and expand its lead in the market,” he said.

He noted that by joining his organisation’s regulated blockchain network, PalmPay is positioned to redefine the payment experience for its over 35 million users, delivering superior capabilities that set a new standard for point of sale payments and a new benchmark for the payment industry as a whole.

He stated that the partnership empowers PalmPay to streamline its operations, eliminate points of failure and provide its customers with the assurance of fast and frictionless payments.

On his part, Chika Nwosu, managing director of PalmPay Nigeria, said his organisation’s partnership with Zone marks an exciting step in its mission to deliver exceptional financial solutions.

“By leveraging Zone’s blockchain-powered infrastructure, we’re reinforcing the reliability and speed of our transactions success rate of 99.5percenr, allowing us to better serve our customers and set a new standard in digital finance.”

He noted that with over 35 million users, his organisation is committed to consistently enhancing the quality of its payment services.

“By integrating with Zone’s regulated blockchain network, PalmPay automatically gains key advantages that set it apart in the industry,” he said.

According to him, these advantages include; direct transaction routing that helps the network eliminate the need for intermediaries, eliminating unnecessary points of failure and allowing for more reliable and secure transaction processing.

He said this ensures that PalmPay’s users experience uninterrupted transactions along with a seamless payment journey that meets the demands of a rapidly growing customer base.

Also, he said it allows for end-to-end transparency as the infrastructure provided by Zone offers full transaction visibility, supporting automatic reconciliation that effectively eliminates chargebacks and protects against chargeback fraud.

Lastly, he noted that the third advantage is that it provides same-day settlement which allows his organisation to deliver quicker value from successful transactions directly to its customers.

He added that the expedited settlement process unlocks liquidity, as customers benefit from faster access to their funds, solidifying PalmPay’s reputation for efficiency and reliability.

In addition, he noted that PalmPay will remain fully compliant with regulatory guidelines for POS transaction processing.

The compliance, the managing director noted, is enabled by the recent partnership between Zone and NIBSS to perform PTSA functions using blockchain technology and reinforced by CBN’s endorsement of the new arrangement.

With this foundation, PalmPay strengthens its commitment to reliable and frictionless payments while remaining fully compliant with all relevant regulations, he stated.

He said the move is a natural progression in PalmPay’s journey as it continues to solidify its leadership and prepare for an ambitious phase of growth. By integrating with Zone’s network, PalmPay gains a powerful competitive edge, positioning itself at the forefront of the industry and setting the stage for the next wave of expansion.

Forward-thinking decisions like these have fueled PalmPay’s remarkable rise, and integrating with Zone further strengthens its commitment to staying ahead, leading the way in reliable, and compliant payments for millions across Africa, he noted.