WED. 01 FEB, 2023-theGBJournal| There’s always a first at something and this is the case of Nigeria’s and Africa’s first domestic card scheme – Verve Card. Verve card was launched in 2009 by the leading pan-African integrated digital payments and technology company, Interswitch.
Prior to its launch, cash was the order of the day in Nigeria. Businesses and individuals carried and exchanged cash to make purchases and settle transactional dealings and that proved to be inconvenient and somewhat burdensome. Of course, this it also came with its resultant downsides such as an increase in robbery incidents, lost transactions due to security concerns, among other issues. Today, Nigeria’s payment landscape has evolved to a more convenient, safer, and faster processes.
These processes were made seamless by the innovation and introduction of card payment solutions, bringing about phenomenal growth and acceptance in the adoption of electronic payment, thereby reducing reliance on cash. Despite the presence of international cards such as Master Card and Visa, Verve, made impressive in-roads into the Nigeria market as the first indigenous card that relied on the use of chips and PINs, until it switched to a more sophisticated technology – the EMV technology.
The switch to an EMV technology, as directed by the Central Bank of Nigeria (CBN), came from the acceptance of the EMV technology as a global standard of card technology for credit, debit, and prepaid smart cards. This way, businessowners and individuals not only conduct transactions conveniently, but also with the assurance that their funds and data are safe.
In addition to the safety measures highlighted above, the card also has a magnetic strip, which can be used as a backup in case the chip and pin technology is not available, mitigating against fraud and improving security.
The Verve card is accepted at 1 million merchants’ stores and ATMs across Nigeria and Africa, making it easy for consumers to make purchases and access their funds no matter where they are in the country. This is particularly beneficial for businesses that operate in multiple locations, as they can easily accept payments from customers using the Verve card.
The Verve card also provides consumers with a range of financial management tools. For example, the card can be used to check account balances, view transaction history, and set up text and email alerts to keep track of account activity. This makes it easy for consumers to keep track of their finances and ensure that they have enough funds available to make purchases.
Verve card has further extended its frontiers to online supporting consumers increased yearning for convenient and seamless transactions. It can be used to make online payments, and merchants can also use the Verve Payment Terminal (VPT) for card-present transactions, allowing merchants to accept card payments at their physical locations and making it easy for consumers to make purchases.
Beyond the foregoing points, the Verve card also supports the Nigerian government’s efforts to promote financial inclusion. The card is widely available to individuals and small businesses, many of whom may not have access to traditional banking services. This has helped to empower more people to participate in the economy, and this has further fueled trade growth.
As more businesses and individuals join the digital economy, there is a growing need for more convenient and accessible payment options for Nigerians, and the Verve card rides high on this tide, making it easy for Nigerians to make payments across channels including Automated Teller Machines (ATMs), Point of Sale (PoS) terminals, web, among other payment platforms.
In addition to providing solutions to payment issues, The Verve card also ensures that its cardholders are rewarded through various consumer-facing initiatives such as the Verve Goodlife Promo. The card scheme also partners with banks and other financial institutions to reward and delight its esteemed consumers, both existing and new.
Verve has continued to make giant strides with its strategic partnerships extending to sectors such as transport, health among others; as evidenced by its partnership with the Lagos State Government in its launch of the LAG ID, and its collaboration with the Central Bank of Nigeria on eNaira.
Understanding the African payment landscape, Verve continues to push the boundaries of payment, using local and international talents to provide innovative payment solutions that address the payment needs and aspirations of Nigerians and Africans at large.
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