Despite the fact that Swifin, Speed Wallet and PAPSS are all Fintech platforms, there are many underlying differences that may either either be in service delivery or some other ways that we are going to see shortly.
Swifin as we all know is a digital wallet that holds a Central Bank Digital Currency (CBDC) like the Lumi. Swifin also operates an e-commerce platform where commodities are sold in Lumi and other currencies.
Speed Wallet is also a digital asset holding wallet but for now housed only the eNaira digital currency.
PAPSS is not a CBDC holding wallet per say, but as a remittance platform it has the ability to hold and remit both fiat and digital currencies.
Major differences between the Swifin, eNaira and PAPSS is listed as follows;
1. Just like we have said before, Swifin and Speed Wallet are CBDC wallet but PAPSS is not a CBDC holding wallet.
2. PAPSS is is involved in Cross-border remittances. Which means you can use Central Bank licensed financial institutions that uses PAPSS to perform Cross-border transactions and initiate a payment. After verification performed by PAPSS, then PAPSS will use another financial institution as listed by the beneficiary to credit him or her.
#More updates coming
