With the recent launch of Zap by Paystack, the company takes steps toward simplifying bank transfers. How does this service stand out among its competitors, and what can it offer to users?
First Impressions of Zap
Developed by Paystack, the Zap app is known for its simple and efficient interfaces. The setup process begins with downloading the app and linking a bank account, with a ₦50 fee per account. OTP verification is quick on Airtel but can lag on Globacom. The app supports 23 traditional banks but lacks integration with fintech platforms such as Opay, Kuda, and PalmPay. The 'Add Money' feature is currently not functional, raising questions about the promise of seamless transfers.
Features and Advantages
Zap's main feature is the speed of bank transfers — under 30 seconds. Though this is not always achieved, the average transfer speed surpasses that of traditional banking apps. Zap offers international transaction capabilities, a boon for expatriates and freelancers. The app links with existing bank accounts, allowing users to manage multiple accounts without toggling between different applications.
Limitations and Criticism
Zap's focus on simplified bank transfers limits its capabilities. The app does not support microfinance services and has limited daily and balance transaction limits for Tier 1 users, which may frustrate high-volume users. The absence of incentive programs like cashback and discounts is also a vulnerability compared to competitors.
The launch of Zap by Paystack marks a step towards improving bank transfers in Nigeria. It offers a fast and reliable system for traditional bank users but does not meet the needs of non-classical competitors. The app has potential, especially for professionals and active transfer users looking for stability and simplicity.
