How Much Can PalmPay Receive Without BVN?
How Much Can PalmPay Receive Without BVN? PalmPay is a mobile payment platform that lets people send money to others, pay bills, and add airtime to their phones. PalmPay is getting increasingly popular in Nigeria because it is easy to use and has a simple interface. But people who want to use PalmPay often ask, “How much can PalmPay receive without BVN?”
To answer this, you need to know what BVN is and its role in the Nigerian banking system. Bank Verification Number, or BVN, is a unique number given to every Nigerian bank account holder. The Central Bank of Nigeria made it in 2014 to stop fraud and make the banking system run more smoothly.
The BVN is linked to a person’s biometric information, such as fingerprints and facial recognition. This makes it harder for people to open multiple bank accounts or do other illegal things. The BVN also lets different banks work together without any problems. This makes it easy for people to switch banks without opening a new account, which can be a hassle.
How much can PalmPay receive without BVN? The answer is that PalmPay can get up to N100,000 (One Hundred Thousand Naira) without BVN verification. This is how the Central Bank of Nigeria wants things to be done.
It’s important to know that this limit isn’t just for PalmPay, but for all mobile payment platforms in Nigeria. Any transaction over N100,000 needs to be checked with a BVN. This ensures people refrain from using mobile payment platforms to do illegal things.
Users must sign up for PalmPay and verify their account with a valid ID card, phone number, and email address. This step-by-step process is easy and doesn’t take long. But users must verify their BVN before using PalmPay’s full range of services.
Visit a bank branch or an approved enrollment center and give your biometric information to verify your BVN. Once your BVN is linked to your PalmPay account, you can spend up to N5,000,000 (Five Million Naira) daily.
PalmPay transactions without BVN Limits
If you use PalmPay without a BVN, there are limits on how much money you can receive through the app and how much money you can keep in the account.
These limits are meant to stop fraud and other crimes against money. Here are the limits for transactions made with PalmPay without BVN:
The most you can spend in one transaction.
Without a BVN, you can only receive up to 50,000 (fifty thousand Naira) per transaction through PalmPay. If you want to get more than 50,000, you must link your BVN.
Limit of transactions per day
Without a BVN, you can only do 50,000 transactions per day with PalmPay (fifty thousand Naira). You can use PalmPay without BVN to send or receive up to 50,000 daily.
Do you still want to know How Much Can PalmPay Receive Without BVN? Check out a simple answer below.
How much can PalmPay receive without BVN?
Without a BVN, PalmPay can receive up to N50,000 at a time. If you send more than that amount to your PalmPay account, it will be blocked, and you will need to link your BVN before you can get your money.
How much money can PalmPay hold without BVN?
Without a BVN, the most you can have in a PalmPay account is N300,000. If your PalmPay account has more than this amount, you can access it once you link your BVN.
What are the pros and cons of using PalmPay without a BVN?
Now that you know how much can PalmPay receive without BVN, let’s talk about the pros and cons of using PalmPay without a BVN.
- Convenience: Using PalmPay without a BVN is more accessible than signing up for a BVN because you can do transactions from your phone instead of going to a bank.
- Faster transactions: Transactions with PalmPay that don’t require a BVN are faster than those that do because they don’t need to be rechecked.
- No need to sign up for a BVN: If you don’t want to sign up for a BVN for personal or other reasons, you can still use PalmPay.
- Lower transaction limits: As we’ve seen, you can only receive a certain amount through PalmPay without a BVN. You’ll need to sign up for BVN to get more money.
- Some features are hard to get to: Some PalmPay features, like higher transaction limits and access to loans, can only be used by people who have signed up for BVN.
- Dangers to safety: Without a BVN, fraud, and other financial crimes are more likely to happen. So, when you use PalmPay without a BVN, you should be careful and take extra steps to protect your account.
How to Add BVN on PalmPay Account?
Now that you know how much a PalmPay account can hold without a BVN and how much you can add to it without a BVN, you can make it bigger. Adding a BVN is one way to do this.
Follow these steps to add BVN to a PalmPay account:
- Open the PalmPay app and enter your account information.
- Click the “Me” icon in the app’s lower right corner.
- At the top of the page, click on your profile picture.
- Click “KYC Level” and then put in your BVN.
- Click “Verify BVN” and wait for the process of verification to finish.
- Once you’ve signed up for BVN on PalmPay, you can do more transactions and use other features like loans and investments.
Frequently Asked Questions on How much can PalmPay receive without BVN?
What is a BVN, and why must I link it to my PalmPay account?
BVN is a unique number that is given to each Nigerian bank customer. You need to link it to a PalmPay account to increase your spending and make it safer.
Is it possible to put more money in a PalmPay account than the maximum amount without a BVN?
Actually, having more money in a PalmPay account is only possible than is allowed with a BVN. The amount is limited to N50,000 on the platform to prevent fraud and money laundering.
How do I add BVN to my PalmPay account?
To add your BVN to your PalmPay account, open the app, log in, click on the “Profile” icon, click on “BVN Verification,” enter your BVN, click on “Verify BVN,” and wait for the process to finish.
Can I still use it if I don’t link my PalmPay account to my BVN?
You can still use your PalmPay account if you don’t link it to your BVN. However, the most money you can get on the bill is N50,000.
What happens if my PalmPay account without BVN goes over the limit?
If you go over your PalmPay account’s maximum limit without a BVN, you can make transactions once you link your BVN to the account.
Conclusion – How much can PalmPay receive without BVN?
Ultimately, PalmPay can get up to N100,000 without the BVN being checked. This aligns with the rules that the Central Bank of Nigeria set up to stop fraud and improve the banking system. But to use PalmPay’s services and make transactions of up to N5,000,000 per day, users must verify their BVN. This straightforward process ensures that all platform transactions are safe and secure.