Fintech is the short form of financial technology, it comprises various technology firms to carry out payments, insurance, investment, or as a funding platform. Fintech companies employ technology to support financial transactions among businesses and consumers. Technological advances, changing demand for financial products, and competition in financial services are all driving a new wave of fintech startups and investments that have drawn attention to the industry in recent years.
Benefits of Fintech.
Fintech has a lot of benefits it offers, some of them are;
- Fintech increases the efficiency and productivity of banking services and businesses by delivering better services with accurate results in less time and anywhere.
- Fintech is convenient. It allows businesses to send and receive money from different currencies without extra fees
- It is secure and this reduces risk in carrying out transactions.
There are different platforms available in fintech, these platforms can be used to pay bills, receive or make payments, invest, and save. Some of the fintech platforms available in Nigeria include:
- Paypal.
- Flutterwave.
- Cashenvoy.
- Quickteller.
- Paystack.
- Remita.
- Amplify.
- Carbon pay later.
- VoguePay.
Paypal is an eCommerce company that is used as a payment service option for businesses online. The platform allows users to shop, make payments and transfer money with ease.
Benefits of Paypal.
- Paypal offers its credit card.
- It is completely risk-free.
- It can be used for personal and commercial payments.
- Paypal credit allows you to buy now and pay later.
- Paypal is easy and convenient to use.
- Paypal services can be used in over 100 countries and 17 currencies.
Features of PayPal
Paypal has two common features:
-
Personal PayPal account:
This account is for individual use, it allows you to send and receive money or make online purchases. This feature allows you access to your purchase and transaction history, link your bank accounts, and add your credit cards.
-
Business PayPal accounts:
This account allows businesses to accept PayPal payments online, either by debit or credit card. It also allows businesses to send invoices and payment links to receive online payments.
Paypal vs Quickteller vs Paystack vs Flutterwave
Paypal, Quickteller, Paystack, Flutterwave are payment service options that are used for almost the same purposes, however, each has its unique features and ways that they carry out payment services.
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Paypal |
Quickteller |
Flutterwave |
Paystack |
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Pricing and Fees per transaction
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Paypal charges no fees except a currency conversion is involved on any purchase |
Quickteller charges 1.5% on local payments |
Local 1.4% International 3.8% |
Local 1.5% International 3.9% |
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Security |
Paypal uses end to end data encryption, two-factor authentication or email confirmation to secure transactions |
Quickteller uses different management systems that are PECB certified |
Payment Card Industry Data Security Standard (PCI DSS) certified. |
Payment Card Industry Data Security Standard (PCI DSS) certified. |
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Transaction tools |
Paypal supports credit and debit cards, e-checks, instant transfer, POS, E-commerce |
Quickteller supports credit or debit cards, USSD, bank transfers, QR, Mobile money, and Paycode |
Flutterwave supports POS (Point Of Sale), Debit and Credit Cards, Bank accounts, Mobile money wallets, American Express, M-Pesa, Visa QR, Bank Transfer and USSD. |
Paystack supports Card, Bank accounts, Bank transfers, USSD, Visa QR, and Mobile Money transfers.
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Coverage |
Paypal services can be used in over 100 countries and 17 currencies.
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Qucikteller is used in most African countries |
Represents business owners in over 40 African countries thereby accepting payments in 150 different currencies |
Represents businesses and entrepreneurs, some services are not available in some countries. |
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Services |
Paypal is like a virtual credit card, that offers services to personal and business accounts. |
Quickteller offers services like bill payments, fund transfer, cash deposits, insurance etc |
Provides cheaper service and also has a wider reach in Africa than Paystack |
Paystack is more expensive compared to Flutterwave. |
SmartSMSSolution is the number one leading blog that allows you to send bulk SMS to multiple phone numbers. To send bulk SMS, you will need to fund your SmartSMS wallet. SmartSMSSolutions uses the Flutterwave payment service to help you fund your wallet with your debit card.
Get to know the step-by-step process of how you can fund your wallet.
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