Palmpay recently introduced a new upgrade meant for active users after announcing the phasing out of the Palmpay Plus program. The new upgrade puts users who actively transact using their accounts at a premium level with a visible premium tag beside their names alongside juicy bonuses and discounts each month they are able to retain the status.
It’s a new incentive program and upgrade for users and as such, many users may not understand fully, the importance of the premium tag beside their usernames. So in this article, we will go over all there is to know about the Palmpay premium service, how it works as well as the benefits attached to it for people who may have been upgraded but have no clue as to what it’s meant for. Without wasting much time, let’s get started.
What is Palmpay Premium?
Palmpay premium as the name implies is an upgrade in quality of services being rendered to select-users of the mobile app. It’s a kind of categorization of profiles based on level of activity and at the same time, an incentive program meant for active users.
Therefore if you happen to be on the premium service, then you are eligible for better service from the platform and also, some promotional offers peculiar to your account status; i.e. offers not open to every other Palmpay user but available to just people with the premium tag. As we all know, premium is always a major upgrade in services and this is no exception.
Qualification Requirements
There are certain requirements you need to meet to get upgraded to premium on Palmpay and they are as follows;
1. Upgrading Your Account to Tier 3 otherwise known as KYC 3. This is the highest level of accounts on Palmpay and accts at this level, don’t face minimum balance or daily transaction limit. This can be easily done by uploading any ID card that boldly reveals your home address and it can be done on the profile page.
To complete your Tier 3 verification, open your Palmpay account, click on Me then tap on the top left corner, directly under your name, there you will see the level you are presently on and if not on tier 3, an option to increase transaction limit will be shown to you. Like I said, NIN is needed to get your account upgraded.
2. Number of Transactions – in order to get upgraded to premium, you need to complete more than 30 transactions in a month. This is one of the necessary requirements you must attain to be able to enjoy the premium service and it’s checked after 30 days on the first day of the following month. Like I said earlier, activity rate is key to getting upgraded and retaining the badge.
So if you make Palmpay the primary payment app, the chances of getting upgraded will be much higher.
3. Maintaining a Certain Balance – users who are interested in the premium service need to retain an average of 10,000 naira daily in their balance or assets, which includes cashbox and savings for 30 days. For you to get upgraded, you need to maintain 10,000 naira balance on average in your balance as that is an indication of high activity and will be checked every new month to either upgrade or downgrade your account.
Benefits of Palmpay Premium
Premium means special and if a payment application like Palmpay, talks about premium service for certain users, it automatically means there are bonuses, privileges and special services to be rendered to such users.
There are numerous benefits of being upgraded and they are as follows;
1. Higher Cashback on Transactions – when you complete transactions, you earn higher Cashback for doing so. As a matter of fact, users who have been upgraded to premium will get 3% Cashback on airtime and data purchases, 1% on Electricity payments and 1.7% Cashback on cable TV payments.
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So you will be rewarded for each transaction you complete. If you are the type of person who spends heavily on a daily or weekly basis in purchasing airtime and data using Palmpay, then this will be certainly rewarding for you.
2. Fast Transfer Safeguard – this is a special feature that allows users request for urgent cash to address their financial needs when a transfer takes longer than expected to be processed. What this means is that, if you make a transfer to someone using Palmpay and it delays for up to 2 hours or more, you can request for urgent funds from the platform to address your urgent cash needs pending when the transfer will be completed.
Users on premium get to enjoy this special service up to 4 times in a month and two times in a single day if they want.
3. Get 500 Naira Trial Cash Daily – trial cash is not real money, it’s just a form of cash credited to one’s cashbox, not withdrawable but it gives the user a glimpse of what it’s like saving on Palmpay. The trial cash will generate withdrawable interest for a period of 5 days and the user can use the interest to make purchases at the expiration of the trial cash.
The good thing about this for users on premium is that, they get to receive the trial cash on a daily basis as long as they login. If you are on premium, simply click on Me and then tap on the premium at the top to access the various benefits including the trial cash.
4. VIP Customer Service – premium users also enjoy more direct and active customer service should they have issues or encounter difficulties on Palmpay. The truth is that, Palmpay support sucks, I have tried a couple of times to message them for resolution of issues but it never ends well, either it takes hours to get a response or they don’t respond at all but with the vip customer service for premium users, you will be attended to very fast and specially.
Good customer service is always important for any app or platform that renders financial services, so upgraded users have alot to enjoy in this regard.
5. ATM Card Benefits – users on premium will receive a certain amount of money for card purchases on a monthly basis. This reward can be claimed on the campaign page and it can be used for purchases using Palmpay ATM card. So if you have been upgraded and have the debit card, simply head to the premium campaign page and claim the coupon available. They claim the coupon will be available monthly for premium users.
6. Flexi Cash Loan – easy account set up and higher limits for premium users. At the time of writing this article, this special privilege hasn’t been fully unlocked for any user. It’s coming soon however, so if you are on premium, do all you can to retain the status in order to enjoy special privileges like this one.
Conclusion
The Palmpay premium is a very nice upgrade for active users. If you have been using the app for your payments and transactions, then you are most likely on the premium service. Endeavour to complete the necessary requirements to retain the status as it’s checked on the 1st of every new month by 10 am and users who don’t meet the requirements will be given an extra month as grace period after which, failure to meet the requirements will result in a downgrade.
That’s all you need to know about the premium service! If you enjoyed the article, feel free to share and join us on telegram for more updates and reviews.
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