Paystack Launches Zap to Enhance Simplicity, Speed, And Reliability in Transfer Payments
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Paystack, known for building robust payment infrastructure across Africa, has unveiled Zap, its first consumer-facing product designed to streamline bank transfers. Zap is a mobile app that enables instant, secure money transfers, eliminating delays and making transactions more reliable.
A Faster, Smarter Way to Send Money
Zap is built on the same battle-tested infrastructure that powers millions of business transactions daily, ensuring seamless and secure payments for individuals. The app is currently available for both Nigerian residents and visitors, with plans for future expansion across Africa.
Key Features of Zap
✔ Instant Bank Transfers – Move money quickly and securely with a user-friendly interface.
✔ International Access – Visitors to Nigeria can make local transfers using Apple Pay or international cards.
✔ Transparent Pricing – No hidden fees—users see transaction costs upfront.
✔ Scalable KYC Tiers – Customers can unlock higher transfer limits by completing additional identity verification steps:
- Tier 1: BVN verification (₦50,000 daily limit, ₦200,000 max balance).
- Tier 2: NIN, selfie, and address verification (₦200,000 daily limit, ₦500,000 max balance).
- Tier 3: Full verification (₦5 million daily limit, ₦100 million max balance).
Competing in Nigeria’s Fintech Space
With Zap, Paystack enters direct competition with leading digital banking platforms like PalmPay, Kuda, OPay, and Moniepoint, offering a faster and more transparent alternative to traditional banking apps. As Nigeria’s financial ecosystem evolves, Zap positions itself as a game-changer in consumer payments, simplifying money movement for millions.
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