Payday: 5 Amazing facts about PayPal Alternative

An alternative to PayPal, as many would call it, Payday is a Financial Technology company helping Africans send and receive money globally with double dual-headquartered in Canada & Rwanda.

The new company is known to be resourceful team with a proven track record of building successful consumer and enterprise products used by millions of customers.

When it come to financial transaction, reliability is key. This is the reason behind the rapid growth of the international financial institution. Since the company started its operation in 2021, It has gathered over 350 thousand users across the globe.

Payday Mobile Interface

FAQ 1: Is Payday app legit?

Pay Day is a reliable digital payment system aimed at providing a smooth flow of cash from one location to another. Currently the app can be accessed on both Android and Apple, with over 100 thousand downloads and over 3 thousand reviews on Google PlayStore.

With an uttermost sincerity, the app (platform) has great services it renders but may have given little attentions to their 100 percent customer satisfaction because this app has less than 3 star rating on Play Store with loads of reviews,

Here is a list of reviews from the current Android users;

1. Seamless up until recently. But i guess the bugs have been fixed. I have a problem with the virtual cards though. First, after high volume of transactions, the balance doesn’t reflect the correct amount in my account. Secondly i would like the addition of a “delete card” feature please. Or overall being able to create new cards. I understand these things take time as a new product. Happy to revisit my review when it is done. Thanks by Mujahid Shuaib

2. It started out well. Until it was not anymore. After I funded my account well for the payment I wanted to make. I put in my card details, transaction declined twice. The app notified transactions declined due to insufficient balance. But, I had more than enough😭. 2. I ignored your very high exchange rates and decided to try because I saw the virtual mastercard card. It was a big mistake. 3. I started a chat nothing. I emailed no response. At last I used another App, a Visa card delivered well by Harriet Onyedibe

3. Had an unpleasant experience when I tried to use the app the first time. I waited till the next day and it became a pleasant and a seamless one. Payday came in clutch for me so I’d rate them highly. I guess the initial problem was system overload. If they scale up, they’d have a good thing going by Nick Ajumuka

FAQ 2: Who is the founder of Payday?

Favour Ori is the founder and the CEO of the platform. He launched the project in June 2021. he is known as a VC backed Global Neobank For African Remote Workers & Digital Professionals.
– Product, Engineering & Strategy
– Got accepted into Techstars
– Secured $2.1M+ in Pre-seed funding (2021)
– Secured $3M+ in Seed funding (2023) Source LinkedIn

FAQ 3: How is Payday better than PayPal?

Paypal has seen criticism in several countries across Africa, especially in Nigeria, due to the huge limitations placed on the users in these areas.

So If you want to be sure, If you can use Pay day in Nigeria? My answer is yes, Payday is available to users in Nigeria and many other African Countries.

FAQ 4: What Are the Products And Services Of Payday?

  1. Sending And Receiving of Cash across the World: You can send and receive money from anywhere in the world
  2. Different Bill payment: You can pay any of your bills, ranging from local subscriptions to international subscriptions
  3. Saving of Money: You can save your money with ease on this platform.
  4. Virtual card Issuing: Digital cards are also available on Payday, which you can also use for different payment across the globe with little or no restrictions.
  5. Loan: You can also receive loan from this platform and as well invest with small interest without worries.
  6. Foreign bank Accounts: Dollar accounts are also available on the app. Other currencies are also available.

FAQ 5: What is Dollar to Naira on payday?

Dollar To Naira rate on the Pay Day app was N758 as at analysis ran in March 2023. As a result of this. the rate is more profitable than the one offered by Chipper Cash. You can Check out Chipper cash rate Here

NOTE: You can only spend a maximum of $4,000 on any given day and no more than $120,000 in one month using your virtual card

Take Away: The platform is hugely used in Africa and widely used by several Nigerians, since the launch. It has been used for over 5.1 million dollars transactions as at April 10th 2023.

PayDay Global Investors

  1. Moniepoints
  2. techstars_
  3. DFS lab
  4. ethos
  5. microtraction
  6. Greencap Equity
  7. Magic Fund
  8. Voltron Capital
  9. Ingressive Capital
  10. Helicarrier
  11. Nacuity Ventures
  12. Sydicate ….
  13. HoaQ and others

What Other questions would you like to ask about the paypal Alternative?. Kindly ask Here and we will gladly answer You.

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