Pioneers new technology
‘Paycode’ never seen before in Nigeria
Verve International, the leading African
payment card brand, has launched a revolutionary
mobile app, ‘Verve World’, which enables cardholders to store all their payment
options and to carry out everyday transactions without physically using their
cards.
This innovation was unveiled to stakeholders at an event on
Wednesday, 2nd December 2015 at the Four Points by Sheraton,
Victoria Island, Lagos.
Users are able to store payment instruments from all major card
brands in Nigeria. In addition to debit,
credit and prepaid cards, and Verve eCash, bank
accounts can also be added to the app.
The app features ‘Paycode’, Verve’s latest innovation. Users of the Verve World app can generate a
‘Verve Paycode’, a unique one-time code valid for 24 hours, which can be used
to withdraw cash from an ATM machine without a card. The Verve Paycode can be sent
to a loved one or friend to withdraw a pre-set amount of money from most ATMs
in the country.
Verve Paycode is the latest in a string of initiatives and
partnerships as Verve International continues to innovate and consolidate its
leading position in payment transactions and services across Africa. The service opens a new range of
possibilities for users and also offers a new level of security as cardholders
can still carry out regular transactions as usual without the need to move
around with a physical wallet.
Other services available on the Verve World app include: Verve
eCash funding; quick recharge transactions; Verve Rewards balance check; and
enabling or disabling cards from performing international transactions.
Speaking at a stakeholder engagement event held in Victoria
Island, Lagos, Chief Executive Officer of Verve International, Charles Ifedi,
commented:
“The Verve World app has been tailored specifically for the
African market and is an example of how, here at Verve International, we
continue to push the boundaries of technological innovation to address local
payment challenges. We continue to see growing demand from our cardholders for
easy, secure and convenient payment methods irrespective of the payment
instrument being used. Therefore we designed the app to address the need for
urgent access to cash without a card, through Verve Paycode, (a key feature in
the APP) which can also be generated and sent to friends and family for
cardless withdrawal at ATMs. Verve Paycode can also be generated via USSD
channel, using any phone including feature phones, by simply dialing
*322*8*amount#. We believe that the technology this app offers will revolutionize
how we manage our money.”
Cardless transactions can be initiated at an ATM without
inserting a card. This is done by
pressing any button on ATMs enabled with ‘Quickteller Cardless’. Fidelity Bank, Stanbic IBTC Bank, Heritage
Bank, Zenith bank, FCMB and GTBank have all upgraded their ATMs with this
functionality.
ATMs belonging to UBA, Sterling Bank, Access Bank, Skye Bank,
Unity Bank, Ecobank and WEMA Bank are being upgraded and would have the service
available in a few weeks. As such, there
are currently over 5,000 ATMs across Nigeria where Verve Paycode can be used,
and this would rise to over 11,000 ATMs by the end of 2015, when the upgrades
for the above listed banks would have been completed.
The service is also being extended to enable Banks’ Mobile
Banking and Internet Banking, as well as Mobile Money Operators and other
stakeholders to leverage Paycode at ATMs and POS terminals.
Launched in 2009, Verve is the
biggest payment card brand in Nigeria and is rapidly expanding issuance and
acceptance across the African continent.
Verve is currently issued in five African countries: Nigeria, Ghana,
Uganda, Kenya and Gambia and accepted in a further 19 countries. Verve is issued by 40 banks in Africa, with
more than 30 million payment tokens in circulation.
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