MasterCard Worldwide and InterSwitch have
announced they will offer a new co-branded debit card – the
Mastercard Verve.
Nigeria’s electronic transaction
switching and payment processing company InterSwitch, launched the
Verve chip and PIN card in Nigeria back in 2009. This collaboration
between the two parties aims to encourage debit card use in Nigeria
whilst creating wider acceptance of the cards home and abroad by
utilising the MasterCard brand.
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The new debit card will grant users access to
over 12,000 point of sale locations, 400 online merchants and at
10,000 ATMs throughout Nigeria.
“The co-branded debit card agreement with
InterSwitch aims to usher in a new era in convenient and secure
payments for Nigerians and through this collaboration, cardholders
will have the ability to use a single card for domestic
and international transacting.” Said Daniel Monehin, MasterCard’s
area head, East & West Africa and Indian Ocean Islands.
This new venture is said to be viewed
positively by the Central Bank of Nigeria which plans to, as part
of the country’s Financial System Strategy 2020, improve the
country’s e-payment systems by reducing public reliance on
cash.
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