Introducing Paylater Wallet

We’ve just released our latest update to the app — and are pleased to share details of a special new feature!

The rise of digital financial services in Nigeria has undoubtedly been a gamechanger.

Many Nigerians with a smartphone now have at least one (or several) of the following: a bank app, an app for paying bills, another app for savings, apps to manage your expenses and can also choose from 537* different USSD codes to complete banking transactions. The list goes on.

Digital payments in Nigeria are starting to accelerate with multiple transaction channels available

As we’ve increased the number of things the Paylater app can do — with loans, bill payments and investments — we also wanted to create a central hub where users can perform all their financial activities seamlessly, without having to switch between multiple services.

Before today, performing any transactions on Paylater required customers to use a bank debit card, or transfer money from a separate bank account to make a loan repayment or lock in an investment.

That’s no longer the case. To increase the convenience of transacting, we’re introducing Paylater Wallet, a fully-functional account which will allow you to store value on Paylater, earn rewards and can be used across the app for all your transactions! ⚡️ ⚡️

Here are just a few of the benefits offered by having a Paylater Wallet:

Instant loan value

Over the last 2 years, we shrunk loan disbursement times from 24–36 hours, to 5 minutes, a first in the industry. Currently, 93% of Paylater borrowers across the country get funds in their bank account within a minute of disbursement.

However, disbursing funds to traditional bank accounts doesn’t come without its downsides — these are reliant on bank systems being available which, as we know all too well, is not a given. We needed a way to entirely control this process. That’s where Paylater Wallet comes in.

Paylater disbursements (Nov 2018)

With Paylater Wallet, every single Paylater customer will get funds into a fully functional account instantly, upon loan disbursement. The added layer of reliability means you’ll never have to wait for a second longer than you need to. In fact, you’ll only wait exactly a second.

But, as we always say: Fast can always get faster, and we’re certain there will yet be even more improvements to this.

{Perhaps for our next upgrade, we’ll disburse funds into your account as soon as you even think about applying on Paylater} 🤔😉

Fewer steps to transactions

Paylater Wallet makes transacting on our world-class payments platform even easier. It seamlessly supports 500+ billers, airtime top-ups to all mobile networks and fund transfers to any bank account, with a 99.9% transaction success rate.

You can transfer money to a business partner, secure a high-interest Payvest investment, pay your power bills, or top up your mobile data, in as little as 2–3 clicks.

Have a particularly stubborn transaction which somehow manages to fail? Not to worry — refunds are processed immediately into your Paylater Wallet. (Say goodbye to those long days having to beg an overworked bank officer to process a reversal for a failed transaction you mysteriously got a debit alert for.) Hurrah!

Safe and Secure

As always on Paylater, our customers’ safety is a major consideration. Despite having a service that is entirely virtual, we never compromise on security. In addition to securing the app with a secret 4-digit PIN, owning an account with your money in it requires some significant measures to safeguard money.

Using sophisticated facial and identity verification technology, along with the Bank Verification Number (BVN), we assess and validate that anyone who activates a Paylater Wallet or performs a transaction on Paylater is exactly who they say they are. That way, you’re assured that any money sent to/from your wallet has been vetted with best-in-class Know your Customer (KYC) processes that meet Central Bank regulation.

We’ve also partnered with a licensed MFB to offer this wallet, which means that all deposits are NDIC-insured. This demonstrates that whenever you use Paylater Wallet, your protection is guaranteed. 🔐

Over the last few months, we tried out on an interesting experiment. Every single week, we gave out weekly prizes just for transacting on the Paylater app, primarily to see if we could make it ‘fun’ and potentially rewarding to do something no one enjoys — paying bills.

It was a very manual — we made cash transfers directly to winner’s bank accounts — but successful exercise. Within just a few months of launch, Paylater has now been used to settle over ₦2 billion in bill payments.

With Paylater Wallet, we’re automating and improving on this rewards system in quite a few ways.

All rewards, special promos, cash back offers and competition winnings earned on Paylater will be paid into the Wallet, immediately they are earned.

Using your Wallet

“So now we know what it is.. how does this thing even work?” I hear you ask.

It’s as easy as it comes. When you update your Paylater app, you’ll see a ‘Wallet’ section on your dashboard. A list of options will be displayed — whenever you’re ready to top up your wallet, just click on it, select a funding option and you can start using it for transactions immediately.

As the scope of features we offer on Paylater continues to expand, the way we think around what features we do (or don’t) offer will evolve, but the mission will always remain the same: providing seamless access to financial services to serve the next billion.

As always, we’re excited to have you along for the ride. 🚀

To get access to the brand new Paylater Wallet and other great features, the Paylater app is available for download now on the Google Play Store.

*USSD code reference only a very slight exaggeration 😬

We’re excited to hear your feedback on the new feature. Tell us what you think on Facebook, Twitter or Instagram. If you have ideas on how we can improve this feature further, definitely reach out! 💡