“Zap is not a remittance app,” Paystack explains
- Paystack launched Zap, a consumer product designed for rapid and secure bank transfers.
- There was confusion regarding Zap's functionality, with some suggesting it required an IMTO license.
- Paystack clarified that Zap facilitates card-based transactions, not cross-border money transfers.
The clarification from Paystack regarding the functionality of Zap is crucial for maintaining consumer trust and regulatory compliance. It highlights the importance of clear communication in fintech, especially when introducing new products that may be misunderstood. Further discussions could explore how fintech companies can better educate users about the distinctions between card payments and remittance services.
