Palmpay Vs Opay: Which Is Better?

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Palmpay Vs Opay: Which Is Better?

Palmpay and Opay are both mobile financial platforms that offer various features and services. 

However, this article will serve as an ultimate guide to walk you through the similarities and differences between Palmpay and Opay and finally by the end of this article, you should know which one meets your preference and needs.

Now let’s delve into the detailed guide on Palmpay Vs Opay.

Palmpay Vs Opay: Which Is Better?

Palmpay Vs Opay: Which Is Better?
Palmpay Vs Opay: Which Is Better?

Palmpay vs Opay: Statistics

These statistics provide an overview of the user base, funding, and market share of Palmpay and Opay.

Here’s everything you need to know:


Palmpay has reached a milestone of 25 million users in Nigeria since its launch in 2019.

The platform has a network of 800,000 mobile money agents and merchants.

There are over 300,000 merchants using Palmpay today.

Palmpay has also celebrated reaching 10 million users in Nigeria.

It is considered a pioneering fintech platform in Africa.


Opay obtained a funding round of 400 million U.S. dollars during a Series C funding round in August 2021.

The company claims to have secured a 22% share of the Nigerian e-wallet market in the last 3 years (2020).

Opay’s monthly transactions grew 4.5 times to over $2 billion in December 2020.

It processes about 80% of bank transfers among mobile platforms.

Opay has raised a total of $570 million in funding.

Palmpay vs Opay: Accessibility

In terms of accessibility, both Palmpay and Opay offer accessible mobile financial services to their users. 

Here is some information about the accessibility of Palmpay and Opay:


PalmPay is a financial app trusted by millions of Nigerian users for seamless money transfers and payments.

With the PalmPay app, users can easily send and receive money, pay for airtime, bills, and shopping, and enjoy discounts and cashback.

The app is designed to be user-friendly and accessible, allowing users to access most financial services with just a few clicks.

PalmPay aims to make life easier for its users and help them save money on their living expenses.


Opay is a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services.

The app provides an all-in-one solution for bill payments, airtime, data, betting, electricity, TV, and more.

Opay is known for its innovative digital payments platform.

The app is specifically designed to be accessible to every individual, offering a range of essential services in a convenient and user-friendly manner.

Palmpay vs Opay: Features and functionalities which is better?

When it comes to determining which platform, Palmpay or Opay, is better in terms of features and functionalities is subjective and depends on individual needs. 

Read: Kuda Vs Opay: Which Is Better?

These two platforms offer a range of features and functionalities that cater to different users. Here’s a comparison on Opay vs Palmpay features and functionalities:


Money transfers: Palmpay allows users to send and receive money to other Palmpay users and bank accounts.

Bill payments: Users can conveniently pay bills for utilities like electricity, water, and internet services.

Airtime and data recharge: Palmpay enables users to top up their mobile airtime and data plans.

QR code payments: Palmpay supports QR code payments, allowing quick transactions at supported merchants.

Discounts and rewards: Palmpay offers various discounts, cashback, and rewards for transactions made through the app.

Investment options: Palmpay provides investment opportunities through its “PalmPoints” feature, allowing users to earn interest on savings.

Recharge2cash: Palmpay has a recharge2cash option enabling users to convert their excess airtime to cash without hassle.


Mobile payments: Opay facilitates mobile payments for bills, airtime, and data, offering convenience.

Ride-hailing: Opay provides ride-hailing services, allowing users to book motorcycle rides in select cities especially in Lagos.

Food delivery: Users can order food from restaurants and have it delivered through the Opay app.

Loans and savings: Opay offers access to microloans and savings features to help users manage finances. Opay with integration of Okash and Easemoni loan products.

QR code payments: Opay supports QR code payments, making transactions quick and seamless.

Investment opportunities: Opay provides investment options through its “OWealth” feature, enabling users to earn interest on savings.

Palmpay vs Opay: Charges or fees


There is a 0.5% withdrawal fee for Android and conventional Palmpay point-of-sale devices.

The price for both types of Palmpay POS machines is as follows: Traditional Palmpay POS caution fee ranges from N20,000  to N60,000 naira.

Palmpay offers 100% free setup, zero transaction fee, and zero monthly fee. Customers only pay a tiny 0.5% transaction fee to pay with their favorite digital payment method.


Opay charges 0.5% on every withdrawal below 20,000 naira.

Users will incur a 10 naira charge after their third transfer to other banks in a day.

Opay Mini POS has an initial charge per transaction of 0.6% and then 0.5% after upgrading to Preferred Merchant status.

Palmpay vs Opay: Savings & Investment


Palmpay offers a new savings feature with up to 20% Annual Percentage Rate (APR). Users who opt for a Fixed Term savings plan can enjoy higher interest rates of up to 20% per annum.

The savings feature in Palmpay encourages wise financial decisions and allows individuals to make their money work for them.

Palmpay also provides investment opportunities through its “PalmPoints” feature, where users can earn interest on their savings.


Opay offers a suite of savings plans available on the Opay mobile application. Users can save and earn interest on their savings while ensuring accessibility.

Opay’s savings feature provides various sub-products for users to choose from, allowing them to deposit and invest their money.

Read: Opay Vs Moniepoint: Which Is Better?

Opay also offers investment options through its “OWealth” feature, enabling users to earn interest on their savings.

Palmpay vs Opay: security

When comparing the security of Palmpay and Opay, here is the information I found:


Palmpay has a security plugin that can be deactivated on your phone if needed. There are tutorials available on platforms like YouTube that explain how to remove the security plugin.

In case of default on a loan taken from Palmpay, they have the ability to remotely lock your phone using the security plugin.


Opay emphasizes security and privacy in their services. 

They have a privacy policy that ensures appropriate encryption methods and security standards for storing user data.

Opay advises users to guard their private details and protect themselves from online fraud. 

They explicitly state that they will never ask for your security details such as passwords or PINs.

 Palmpay vs Opay: User feedback and complaints


As at the time this article was written, Palmpay has a 4.5-star rating based on 600k+ customer reviews on the Google play store..

Consumers’ reviews on Palmpay are mostly neutral.

There are mixed reviews about the safety of Palmpay, with some users expressing concerns.

Palmpay has an unclaimed profile on Trustpilot, and there is no history of asking for reviews.

Users can download the PalmPay app from the App Store and read customer ratings and reviews.


Opay has a 4.4-star rating based on 400k+ customer reviews on the Google play store.

As mentioned earlier, consumers’ reviews on Opay are mostly mixed.

Some users have mentioned the need for improvement in Opay’s customer service.

Opay provides a self-service feature and live chat on the app for users to contact customer service.

Opay advises users to guard their private details and protect themselves from online fraud.

Palmpay vs Opay: similarities

Palmpay and Opay share several similarities that make them prominent financial applications. 

Here are some of the similarities between Palmpay and Opay:

Services: Both Palmpay and Opay offer a wide range of services, including payments, bill payments, airtime top-up, money transfers, and access to loans and investments. 

This makes them versatile platforms for managing various financial needs.

User Interface: Palmpay and Opay have similar user interfaces that are easy to use and navigate. They make it convenient for both tech-savvy and non-tech-savvy users to interact with the apps effectively.

Rewards and Cashback: Both platforms often run promotions and offer cashback rewards to their users. 

This can be a great way to save money and earn additional benefits when using the apps for transactions and payments.

Security: Palmpay and Opay have implemented security measures to protect user accounts and personal information. 

Palmpay vs Opay: Pros and cons


Ease of use: Palmpay is considered to be quite easy to use, with a user-friendly interface.

Secure banking experience: Palmpay provides a very secure banking experience for its users.

Free transfers: Palmpay offers three free transfers daily, which can be beneficial for users.

Fast transaction confirmation: Transfers made through Palmpay usually take less than 5 minutes to appear, which is considered fast.


Convenience and ease of use: Opay offers a platform that makes it easy to perform various financial transactions.

Wide range of services: Opay provides a comprehensive platform that goes beyond payments, including features like airtime top-up, ride-hailing services, food delivery, and access to loans and insurance.

Competitive fees and promotions: Opay offers competitive fees for transactions and often runs promotions and discounts for users, allowing them to save money and get more value from their transactions.

Strong security measures: Opay places a strong emphasis on security, using encryption technology and other measures to protect user data and transactions.

Customer support: Opay provides customer support through various channels, including a live chat feature within the app, ensuring that users can get assistance and resolve any queries or concerns they may have.

Palmpay vs Opay: Which is better?

The question of which is better between Palmpay and Opay will definitely depend on your personal and specific needs. 

Both platforms (Palmpay and Opay) offer similar services and have their own strengths and weaknesses. 

Here are some factors to consider when making a decision:

User Interface and Ease of Use: Consider which app’s interface you find more intuitive and user friendly. 

In this case, I’ll encourage you to take your time in trying out both apps and see which one you feel more comfortable navigating.

Services Offered: Assess the range of services offered by each platform and determine which aligns better with your needs. 

Consider factors such as bill payments, airtime top-up, money transfers, access to loans and investments, and other features that are relevant to you.

Security: Look into the security measures implemented by both platforms and consider which one you trust more in terms of protecting your personal and financial information. 

Research their encryption protocols, authentication methods, and user feedback regarding security.

User Feedback: Consider what other users have to say about their experiences with Palmpay and Opay. 

Look for reviews, ratings, and testimonials to get a sense of how satisfied users are with each platform’s performance, customer support, and reliability.

Promotions and Rewards: Take into account any ongoing promotions, cashback offers, or rewards programs offered by each platform. 

These can add value and savings to your transactions.

Taking all these into account, you should know which to use and which to shun.

FAQs On Palmpay Vs Opay: Which Is Better?

Here are helpful FAQs on Opay vs Palmpay with their respective answers:

Can i transfer money from opay to palmpay?

Yes, regardless of where you are, as long as you have a stable data connection, you can transfer money from Opay to Palmpay. 

Why is my Opay saying transaction failed?

There are several reasons why your Opay transaction failed. Some common reasons include:

  • Insufficient funds in your Opay account.
  • Technical issues or network problems during the transaction.
  • Incorrect or incomplete transaction details provided.
  • Security measures or restrictions imposed by Opay. If your transaction fails, I recommend checking your account balance, ensuring you have stable internet connectivity, and verifying that you entered the correct transaction details. If the issue persists, it’s best to contact Opay customer support for further assistance.

I mistakenly sent money to Opay instead of Palmpay, what should I do?

If you accidentally sent money to Opay instead of Palmpay, here’s what you can do:

  • Contact Opay customer support immediately and explain the situation to them.
  • Provide them with the necessary transaction details, such as the amount sent, transaction ID, and recipient’s information.
  • They will guide you through the process of resolving the issue, which may involve reversing the transaction or transferring the funds to the intended recipient. It’s important to act quickly and reach out to Opay’s customer support for assistance in rectifying the mistake.

Why can’t I transfer money from my Opay to another bank?

There are few reasons why you’re unable to transfer money from your Opay account to another bank. Some common reasons include:

  • Incompatibility between Opay and the specific bank you’re trying to transfer funds to.
  • Technical issues or maintenance activities affecting the transfer functionality.
  • Insufficient funds in your Opay account to complete the transfer.

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