What do you do when you have millions of users of your devices across Africa and Asia who are already used to the idea of doing pretty much everything financial on their devices? Definitely, figuring out how to tap into that is going to be high up in your priorities.
That appears to have been the motivation behind PalmPay, a mobile wallet that is backed by Transsion, the company that is responsible for brands such as Tecno, Infinix and others, MediaTek and a slew of other investors. It also appears to be the motivation behind a new product, dubbed Infinix Wallet, from, well, Infinix, that is based on, you got it right, PalmPay!
From our little understanding of the communication shared by Infinix on the matter, users of Infinix devices will have access to the Infinix Wallet, which is more or less the same thing as the PalmPay wallet, and, from there, will be able to add their cards (from whichever financial institution) and get transacting. For those who have already used it, something akin to how Google Pay functions. The difference? The localized services on offer.
According to Infinix, Infinix Wallet users will be able to access credit facilities specifically using the Instant Credit digital credit facility that targets Infinix mobile users. Paired with offerings from third-party financial institutions, Infinix Wallet users are able to access credit thanks to their history using the wallet (credit profiles) and enjoy such benefits as zero processing fees, nil account management fees, nil annual fees and a 16-day interest waiver.
Infinix says that it is also partnering with local service and utility companies like Safaricom, MultiChoice (DStv), the Nairobi Water and Sewerage Company and others to make the Infinix Wallet a one-stop-shop for its users.
Given that cards issued by financial institutions and sensitive credit information is in question, just how secure is it when you entrust the Infinix Wallet with it? Here’s what Infinix says about that: “The Infinix Wallet is also fully compliant with GDPR and international information security standards including PCI DSS and ISO27001.”