Paystack has announced Zap, a consumer app for instant and secure payments, with a focus on bank transfers.
The product was announced during a live stream on Paystack’s YouTube page.
Why it matters
The fintech space is crowded with digital wallets and mobile money, but Zap aims to differentiate itself by relying on bank transfers—bypassing card networks and reducing fees.
How it works
- Users can send and receive money instantly via their bank accounts.
- Built on an infrastructure that already handles millions of transactions daily.
- Emphasizes security and ease of use.
Between The Lines
Currently, Zap is available in Nigeria but there are expansion plans later.
The big picture
As digital payments grow across Africa, Zap is betting that consumers want faster, cheaper transactions without the friction of traditional banking apps.
