A mobile wallet is a new digital payment method that has rapidly gained popularity in Nigeria for being a convenient and easy way to complete transactions. This phone-based payment solution eliminates the need for users to carry around physical debit or credit cards in their wallets by giving them a virtual wallet on their mobile device to store their card and payment information. With just a tap on your phone, you can make payments from your mobile wallet at a POS point in a physical store or when checking out from an eCommerce platform.
If you’re curious to learn more about what a mobile wallet is and whether you should you have one, you’ll find these six interesting facts about the use of mobile wallets in Nigeria to be helpful in making a decision.
1. How Popular are Mobile Wallets in Nigeria?
In the last decade, mobile wallets in Nigeria have grown rapidly as a digital payment option for both in-store and online shopping. In fact, Statista, reports that seven per cent of 2021 e-commerce sales in Nigeria were completed using digital and mobile wallet payments. There is also a gradually growing acceptance of mobile wallets in physical marketplaces as the same report noted that 13 per cent of digital wallet transactions last year were made at a POS.
2. What are the available Mobile Wallets in Nigeria?
While many smartphone users may be aware of services on their phones like Google Pay, Apple Pay, or Samsung Pay, there are actually several other mobile wallets designed and managed by excellent fintech companies in Nigeria. Naira.com, Paga, and Chipper Cash are examples of some of the available digital wallets in the country.
3. What are the benefits of using a Mobile Wallet?
Mobile wallets in Nigeria are a safer and more convenient way to complete a variety of transactions without the need to carry around a physical payment card or a copy of your bank details. In fact, the most exciting feature of a mobile wallet is that you can store the details for multiple bank accounts and debit or credit cards all in one place. This allows you to switch from one card to another or a bank account to another when making payments. Most mobile wallets are also simpler and quicker to use to complete a transaction than many mobile apps issued to users by their banks or financial institutions.
4. What can I do with a mobile wallet in Nigeria?
A mobile wallet is a perfect tool to complete everyday transactions all with a tap from your mobile phone. Here are some of the most popular ways to use your mobile wallet in Nigeria:
- Send and receive money
- Make payment for online purchases
- Pay for in-store purchases at a POS
- Top-up data and airtime
- Pay for electricity, cable TV and other utility bills
5. What types of Phones are compatible with Mobile Wallets?
Generally speaking, any smartphone can install and operate a mobile wallet, however, some digital wallets are made by smartphone makers as a special feature that comes pre-installed on their brand of mobile phones, for example, Apple Pay or Samsung Pay. Other independent mobile wallets can be used across all types of devices. A good example of a mobile app that allows this is Naira.com. If you’re not sure if your device will accept this app, confirm from the app store on our device.
6. What is the best Mobile Wallet in Nigeria?
Our pick for the best mobile wallet to use in Nigeria is arguably Naira.com, a mobile wallet designed by Chamsswitch, one of the largest fintech companies in Nigeria. The app is designed for simple use and has a growing vendor list on its platform like PHCH, DSTV, Startimes, etc. With Naira.com, you can also make donations to a non-profit or charity of your choice. It is also a secure way to instantly send and receive money in Nigeria.
Finally, if you’re tired of carrying a chunky card-filled wallet in your back pocket or purse or find yourself forgetting your payment card on your nightstand when leaving home, it’s a great time to choose the versatility, security and convenience that come with digital wallets.