Mobile payment has become the African “window” track, and the hotter the place is, the more crowded it is.
It was learned that the African mobile payment company Chuanyi Jinfu completed 40 million US dollars of financing, and the company was its strategic shareholder. The funds raised in this round will be used to transfer the electronic payment platform of Yijinfu. PalmPay expands its business in existing markets such as Nigeria and Ghana and enters other African markets.
As part of this round of financing, PalmPay has reached a strategic partnership with Voice Holdings. Tecno, Infinix and Itel, the three major mobile phone brands of the company, will be pre-installed with PalmPay to provide traffic support for the platform’s payment business.
Telephone is leading sales in Africa. According to market research firm IDC, in the second quarter of this year, voicephone shipments accounted for 37.4% of the entire African market, while Samsung and Huawei each accounted for 27.4% and 8.7%.
In July of this year, PalmPay began trial operation in Nigeria and then entered the Ghana market. According to the official website, PalmPay currently provides services such as electronic payment, transfer and remittance, mobile phone billing and traffic refill, water, electricity and coal and cable TV payment. There is a 10% discount on top-up credits on PalmPay, no fees for transfers between users, and a small fee for transfers to external accounts (such as banks).
In the days from 0 to 1, cooperation is an important source of traffic.
According to Quartz, in addition to the voice, PalmPay’s other strategic partner is Visa – Visa cardholders can tie the card payment on the platform, and cardless users will get Visa’s virtual account to access Financial products under Visa are also available in Visa’s payment network. PalmPay also plans to include more than 100,000 merchants that support Visa payments to complement its online payment network.
Previously, according to Guardian, the company also plans to establish partnerships with other payment processing companies and banks, including Global Technology Partners and the Pan-African Commercial Bank Ecobank Group.
The member points system is another common method of drainage and “solid powder”. It is recommended that friends become users, and payment through this platform will earn PalmPoints for users, and cash will be used when using PalmPay payment service.
According to TechCrunch, PalmPay CEO Greg Reeves previously served as global head of M-Pesa, a mobile payment service of Kenyan telecom operator Safaricom, with 10 years of experience in mobile payments.
And this veteran is going to fight nowThe “mobile payment war” is also not easy. PalmPay To expand its share of the mobile payment market in Nigeria, it is inevitable to run into the “China’s deep blood” Opay.
Nigeria Mobile Payment Startup Opay was founded in 2018 and is incubated by Kunlun Wanwei’s browser Opera. IDG Capital, Sequoia China, Source Capital, Meituan Review and Jinshajiang Venture Capital are all Opay investors. From the perspective of play, Opay is constantly building its own payment ecosystem. Currently, it has launched the taxi business ORide (even the tricycle business OTrike) and the bus ticketing platform OBus.
Nigeria’s mobile payment track is very crowded, including Jumia Pay from African e-commerce giant Jumia, Interswitch from Visa-invested unicorn, YC graduate from Silicon Valley Incubator and Paystack from Tencent, and Alipay Partners Finance Startup Flutterwave, Cellulant with $105 million in Series C financing, and Paga with $10 million in B+ round investment.
文 | Guo Shen@出海;
编 | Zhao Xiaochun@出海
Picture | PalmPay
