If you have been looking to know how much PalmPay can receive without your BVN linked to your account, then this article is specifically written to answer your question.
Come with us as we take you through helpful information about this wonderful Fintech that is making the lives of Nigerians better as normal banks are failing. You may also like 5 ways to make money on PalmPay.
With the help of the popular mobile payment platform PalmPay, customers can send money, make payments, and conduct other financial activities right from their smartphones.
However, a lot of consumers are curious about how much PalmPay can receive without BVN.
This article will examine the restrictions on PalmPay transactions without BVN, as well as the benefits and drawbacks of doing so.
PalmPay BVN
Bank Verification Number (BVN) is required of everyone who wants to do specific financial activities in Nigeria, and it is intended to help reduce fraud and other financial crimes.
Due to its simplicity, practicality, and security, PalmPay is a mobile payment app that is becoming more and more well-liked in Nigeria.
PalmPay’s ability to conduct transactions without requiring BVN registration is one of its advantages. The amount of money that can be received on PalmPay without BVN is restricted, nevertheless.
Transaction Limits for PalmPay without BVN
There are restrictions on how much money you can receive through the app and how much money you can keep in your account if you’re using PalmPay without BVN.
These restrictions are made to stop fraud and other types of financial crime. The restrictions for PalmPay transactions without BVN are as follows:
The most that can be obtained with PalmPay without BVN in a single transaction is 50,000 Naira (fifty thousand Naira). You must connect your BVN if you need to receive more than 50,000.
PalmPay daily transaction Limit
Additionally, PalmPay’s daily transaction cap without BVN is set at 50,000. (fifty thousand Naira). This means that you can use PalmPay to make transactions worth up to 50,000 in a single day without BVN.
Are you still curious about how much PalmPay can take in without BVN? Check out the simple solution below.
How Much Can PalmPay Receive without BVN
A PalmPay user is only capable of receiving N50,000 at a time without BVN. If you send more money to your PalmPay account than that, it will be banned, and you won’t be able to access your funds until you link your BVN.
How much can PalmPay hold without BVN
N300,000 is the maximum sum that can be kept in a PalmPay account without BVN. You won’t be able to access any balance higher than this on your PalmPay account without first linking your BVN.
PalmPay’s benefits and drawbacks when used without a BVN
After learning how much PalmPay may collect without BVN, let’s examine the benefits and drawbacks of utilizing PalmPay without BVN.