The ways that people pay for products and services have undergone significant change. Cash is being replaced by electronic payment methods more and more.
Over the past several years, the influx of fresh capital and legislative adjustments have significantly strengthened the African fintech ecosystem, keeping up with and, in some cases, even spurring innovation as it continues to reshape the continent’s e-payments landscape.
By 2025, it is expected that banks and nonbank operators will have doubled Africa’s domestic e-payments industry to $40 billion by innovating to lower friction in domestic and cross-border payments and offer innovative solutions to consumers and enterprises.
Chipper Cash and Payday are redefining African finance. These fintech services provide peer-to-peer cross-border payments for Africans worldwide.
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Chipper Cash, a financial technology startup based in California, USA, was founded in 2018 by co-founders Ham Serunjogi and Maijid Moujaled to enable free and quick peer-to-peer cross-border payments in eight African and European nations.
Payday, headquartered in Canada and Rwanda, helps Africans send and receive money worldwide. Favour Ori founded the VC-backed firm in 2021 to create an inclusive, accessible, and integrated global financial system for Africans everywhere.
These two platforms have recently been the go-to firms for people looking for genuine and reliable platforms to allow payments with particular conditions from anywhere in the world. Users often ask if they should utilize both because they offer identical services.
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Payday vs Chipper Cash: Signing up
You can get either one from the Google Play Store or the Apple App Store. These apps can be used without any mishaps on most modern smartphones (Android 5.0 and above).
You need to provide your phone number and email address to register for Chipper Cash. You will receive a unique, six-digit, one-time code to confirm your account.
You must fill out your biodata and BVN after signing up, as well as choose your username, the currency of your home country, and a pin for your login.
Validating your BVN takes hours. To access all app features, you must verify your identity using a government-issued ID card like a NIN (National Identification Number), a driver’s license, etc.
After downloading the Payday app, register using your name, email address, and phone number. Verification unlocks all functionalities. Enter your phone number (BVN or NIN) and take a selfie.
Payday’s signup and verification take only minutes, unlike Chipper Cash’s hours or days.
Chipper Cash vs Payday: Interface, Security, and Usability
The two platforms offer user-friendly interfaces with buttons that are clearly labelled to guide users as they carry out their jobs. The account balance, most recent transactions, and quick access to add money to wallets, purchase airtime, send or receive money, etc., are all displayed on the home pages of the two platforms.
In order to access their accounts and execute transactions, users of both platforms must enter a security pin each time they log in. In addition, users can enable biometric login, which allows them to sign in using their fingerprints or facial recognition, provided their phones support these features.
By connecting their debit cards to electronic wallets, users may rapidly and seamlessly add money to their accounts. Both services provide users with name-branded regular bank accounts, enabling users to finance their accounts with bank transfers.
In this review, we observed that using a debit card is the most convenient way to fund your account, particularly for Chipper Cash, as the bank transfer option via the designated 9 Payment Service Bank is not convenient. While both platforms’ card options for PayDay were immediate, the bank transfer option utilizing the allotted Wema Bank account took 15 minutes to execute.
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Features of Chipper Cash
Consumers benefit from one of the lowest cross-border rates and free transfers. Additionally, they can safely link any bank or mobile money account to cash in and out without any fees. This also applies to withdrawing money from the Chipper Card. Also, customers can pay their bills instantly using Chipper Cash. Paying bills is simple, safe, and accessible from anywhere.
Chipper Cash facilitates transactions in seven African countries: Nigeria, Ghana, Kenya, Rwanda, Uganda, Tanzania, South Africa, and the United Kingdom. You can send money to other individuals by providing the appropriate amount and the recipient’s unique login. The same approach can be used to request the cash from other users.
The app accesses users’ contacts so that they can send money to other users on their contact lists. You can also invite other contacts who do not use the app.
Customers have more financial flexibility thanks to the Chipper card, a virtual card that offers them access to their money in several different ways. It gives users the option to make online purchases just like they would with a debit card. A virtual dollar card and a virtual naira card are available to users.
Payday
Payday offers virtual accounts in USD, GBP, and EUR, giving you a safe and practical method to handle your money internationally. The site provides virtual cards in addition to its rapid money transfer function. Users are able to use the tool to make online payments without disclosing their personal banking details.
Payday allows users to exchange money internationally without border limitations at reasonable exchange rates. They may simply transfer money around the world without worrying about exchange rates or additional costs, thanks to its borderless transactions.