Verve, one of the leading payment companies in Africa, has announced it has issued more than 50 million payment cards in Nigeria, a figure that would indicate it dominated Nigerian market. This announcement is coming after the brand successfully issued 35 million cards in 2022.
The payment card brand is reportedly the largest domestic card system in Africa, providing issuers, cardholders and organizations a high-quality, bespoke suite of physical payment card products. A report confirmed that in early 2022, it reported a 42% growth in card dispensation. This productivity and competence have placed the brand at the forefront of people’s choices across the country and beyond in fintech institutions.
Verve’s Partnership with Opay
Late last year, Verge partnered with Opay, a mobile-based platform for payments and other kinds of transactions and one could say the partnership is yielding positive results. This collaboration with the online platform led to the creation of “Opay verve instant Debit card”. This card is directly linked to Opay users’ wallets to provide a more durable method in payment and service transactions.
Moreover, Verve claims that one of its objectives is to address unique market difficulties in Africa by offering safe and affordable payment methods for people and businesses to exchange value. The brand offers physical and virtual cards such as Prepaid Cards, Debit Card, contactless card and global card.
As confirmed in a report, one of the provisions of these cards is to enable local currency payment for an increasing number of international services. It has recorded significant progress by gaining merchant acceptance with platforms like Netflix, Amazon Prime, Facebook, Microsoft, Uber and so on.
Speaking of local currency payment, Verve offers its cardholders top utilization benefits in Nigeria and up to 21 other African countries.
Read More; Mastercard wants to recycle old ATM cards to reduce plastic waste
About Verve
In 2005, the Central Bank of Nigeria (CBN) mandated the Nigerian payment industry to transition from magnetic strip to EMV chip and PIN platform by 2009. Verve was created in 2009 as an Interswitch subsidiary with its global card launched later the same year. During a restructuring process in 2013, it became an autonomous corporate entity.
With acceptance in over 190 countries and territories, the company hopes to expand its existing range of bespoke payment products and solutions for its customers.
An important aspect in Verve’s success is that it emphasizes on cutting-edge security. The card is protected against fraud and unauthorized use by world-class security features such as chip and pin technology. This provides cardholders with the needed assurance when making payments using their Verve cards. Assurance like biometric features which include: fingerprint, face, and voice recognition, which are meant to strengthen security.
Read More; Mastercard payment cards will be made exclusively from recycled plastic by 2028
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