Leading fintech company Paystack has unveiled its latest product, Zap, a consumer payment app designed for instant and secure transactions.
The announcement was made during a live-streamed event on Paystack’s official YouTube channel, signaling the company’s ambition to reshape the digital payments landscape in Nigeria and beyond.
Unlike many existing digital wallets and mobile money platforms that rely on card networks, Zap differentiates itself by focusing on bank transfers. This approach allows the app to bypass card-related fees, ensuring lower transaction costs for users while still maintaining the speed and convenience of instant payments.
According to Paystack, Zap is built on an infrastructure that already processes millions of transactions daily. The company emphasizes that security and ease of use are at the core of the new product. With Zap, users can send and receive money instantly using their bank accounts, eliminating the need for intermediaries and reducing payment friction.
Currently, Zap is available exclusively in Nigeria, but Paystack has indicated that expansion to other African markets is on the horizon. Given the company’s track record of innovation in the financial technology space, industry observers anticipate that Zap could become a significant player in Africa’s growing digital payments ecosystem.
The launch of Zap comes amid rapid growth in Africa’s digital payments sector. As smartphone penetration increases and more consumers move away from cash transactions, fintech companies are racing to offer faster and more affordable alternatives. Paystack is betting that Zap’s reliance on direct bank transfers will appeal to users frustrated by delays and high fees associated with traditional banking apps and card payments.
Since its acquisition by Stripe in 2020, Paystack has continued to expand its footprint across Africa, driving innovation in online payments and financial services. The introduction of Zap marks another milestone in the company’s mission to simplify and enhance digital transactions on the continent.
