What is a Verve Card? Can it Be used for Overseas Transactions?

When you open a new bank account, you will always have the option of selecting the type of card you require. Visa, Verve, and Mastercard are the three different types of debit cards available. People are sometimes oblivious of the differences, which are sometimes rather significant. The Verve card will allow you to conduct transactions, pay for various commodities within the country via ATM machines and other forms of payment, get airtime recharged, and pay bills, among other things.

Interswitch Verve Card

Interswitch Group owns Verve International, a Nigerian Pan-African and worldwide fintech and payment card company.

Interswitch's extensive network and reliable payment platform have contributed to the advancement of Nigeria's payments ecosystem and have given Interswitch the confidence to expand beyond Africa, the company wrote on its website. ​Interswitch is now a top player in Africa's fast-emerging financial ecosystem, engaged across the payments supply chain and offering a full set of omnichannel payment systems.

The Central Bank of Nigeria (CBN) issued a directive to the Nigerian payment industry in 2005, stating that network providers must transition from magnetic strip to EMV chip and PIN by 2009. When the magnetic strip became vulnerable to fraudulent transactions, the CBN established a migration policy to take it away. In the beginning, it issued six million cards in collaboration with a number of Nigerian banks.

Discover Financial Services partnered with Interswitch in March 2013, allowing Verve Cards to be accepted across the Discover worldwide network, which at the time covered 185 countries and territories. The collaboration also permitted Discover and Diners Club International (DCI) cards to be accepted for purchases in Nigeria at Interswitch-enabled ATMs and point-of-sale (POS) terminals.

Verve entered the East African payment industry in October 2015, forming a strategic relationship with Kenya Commercial Bank (KCB) to extend Verve Card services in six important East African markets including Kenya, Tanzania, Burundi, South Sudan, Rwanda, and Uganda.

What is the difference between Verve, Visa, and Master Cards?

It's important to note that VISA, Verve, and MasterCard do not offer debit cards, which are widely used nowadays. Payment networks are what they're called. Payment networks are technology platforms that allow for the secure transfer of funds. VISA, MasterCard, and Verve work with banks and other financial institutions on your behalf, and other customers can use these cards as well. Banks assist in the distribution of these cards. 

As a result, these cards help to protect your personal information while processing financial transactions quickly.

Verve Card

Verve is a Nigerian-made FinTech payment portal. With over 25 million cards in use in Nigeria alone, it is the country's largest card payment network.

You can effortlessly make cash transactions, pay for goods and services online, and utilize POS and ATMs in Nigeria with a Verve card. Verve cards can be used to pay for utility bills as well as to purchase recharge cards. Verve cards are not accepted for international transactions. Verve cards, for example, cannot be used on international payment platforms like Amazon, Alibaba, Facebook PAY, Apple music subscriptions, and so on. They can only be used on websites with the verve inscription that are 'local'.

Because the Verve card is not accepted globally, it is not vulnerable to countless scams and cyber-attacks by foreign hackers. Some of the advantages and savings listed here are also available to Verve cardholders.

Benefits

Visa Card

Visa cards, unlike the Verve card, are accepted all around the world. Both domestic and international transactions are possible with a Visa card. Visa cardholders can make overseas purchases on a variety of websites, including Ali Express, eBay, and Amazon. They can also subscribe to Apple Music and Facebook, among other services.

In Nigeria, Visa cards are also accepted. They can be used to transfer money, pay bills, purchase recharge cards, and buy on local e-commerce websites, among other things.

Benefits

MasterCard

MasterCard is a credit card that is extremely similar to Visa. It is widely acknowledged in Nigeria as well as the rest of the world. So, if you're planning an international trip a MasterCard could be a good idea. It can also be used for local transactions, such as fund transfers, bill payments, recharge card purchases, and shopping on local e-commerce sites.

Mastercard, like Verve and Visa, can be used for POS, ATM, and internet transactions. To preserve or protect credit card users, they have set spending limits.