TechPression

Tag: Verve

  • Palmpay introduces Verve debit cards to enhance mobile wallet offerings

    Palmpay introduces Verve debit cards to enhance mobile wallet offerings

    In collaboration with Verve, PalmPay, a Nigerian fintech company with over 35 million users, introduced its first debit card on Thursday, marking a significant milestone in its transition from a mobile wallet to a comprehensive online financial platform.

    The move aligns with a growing trend among Nigerian fintech companies to embrace local card programs, as international providers like Visa and MasterCard become less appealing due to rising costs and declining foreign spending.

    The debit card was introduced three weeks after PalmPay and AfriGo, Nigeria’s national domestic card program, partnered to distribute 5 million contactless payments throughout the country. Now, it is integrating Verve-powered debit cards directly into its digital wallet. 

    Read also: Verve cards now accepted on Temu and AliExpress for easy naira payments

    Debit cards to be distributed through PalmPay’s agents

    According to the company, the cards will be distributed by its nationwide network of more than a million agents. By the end of the year, the company expects to onboard millions of cardholders, leveraging its extensive reach.

    There are two types of PalmPay debit cards: a basic version that is accessible to all users and a premium version tied to a brand-new membership program. 

    Users must transact a minimum of N500,000 per month and maintain a monthly balance of at least N20,000 to upgrade to premium status. Premium members enjoy higher cashback rewards, merchant discounts, and up to 36 per cent annual savings interest, compared to 20 per cent for regular users.

    According to Sofia Zab, Palmpay’s chief marketing officer, the company has spent years concentrating on developing backend infrastructure, user trust, and scale. 

    “There are third-party APIs that let you spin up prepaid cards quickly, but we took a more deliberate route,” she said. “We formed a direct partnership with Verve so we could design a product that truly fits the needs of Nigerian consumers.”

    Growing adoption of verve debit cards by Nigerian fintech firms

    Due to decreased consumer spending and growing expenses for foreign card companies, Nigerian fintechs are increasingly collaborating with local card schemes, as evidenced by Palmpay’s debit card partnership.

    Following the pandemic, Opay and Moniepoint both issued roughly 17 million Verve cards, forgoing global partners like Visa and Mastercard. Nine months after halting card operations, Carbon, a Nigerian digital bank renowned for its loan-led banking strategy, recently teamed up with Verve to start issuing debit cards again.

    The launch of the debit card coincides with a shift towards bank transfers in a large portion of Nigeria’s fintech ecosystem. The future of HabariPay, a fintech division of one of the largest banks in Nigeria, is dependent on more transfers. With the promise of higher transfer volumes, Paystack also just released its first consumer app, Zap by Paystack.

    According to PalmPay, a significant portion of Nigerian consumers still use cards, even with the rise in bank transfers.

    “Not every user is a young, digital-first Lagosian. Some live in towns with limited phone access or want the flexibility to shop online,” Zab noted. “If we want to serve every Nigerian, we need to build for every Nigerian, and that includes access points such as our app and also our agents, USSD, and now cards.”

    Read also: Airtel Money lets users pay for Google Play apps without bank card

    Palmpay innovation drives

    The goals of PalmPay go beyond just making payments. The business has quietly introduced an expanding range of banking services, such as credit (via a licensed partner), savings, and an insurance plan that was started in collaboration with Leadway and AXA Mansard. According to PalmPay, its insurance products have already been embraced by more than a million users.

    “We are much more than a digital wallet or POS company,” Zab said. “We’re building a full financial ecosystem—one that works for every Nigerian, no matter where they are on their financial journey.”

    To serve its expanding clientele, the fintech company also intends to open additional offices and experience centres across the country.

    PalmPay’s wager on cards indicates that fintech firms acknowledge the value of traditional banking tools in their struggle to reinvent banking in Africa’s most populous economy. 

  • Verve cards now accepted on Temu and AliExpress for easy naira payments

    Verve cards now accepted on Temu and AliExpress for easy naira payments

    Verve International announced a strategic partnership with Temu, a rapidly expanding global e-commerce platform, and AliExpress, a subsidiary of Alibaba, on March 17, 2025.

    This agreement, a milestone in Verve’s worldwide expansion, allows millions of cardholders to make seamless naira payments on both platforms.

    Read also: Nigerians can now pay taxes via Flutterwave on FIRS’ TaxPro Max

    Hassle-free naira payments on Temu and AliExpress 

    The partnership with Temu and AliExpress allows Nigerian shoppers to enjoy direct naira payments, eliminating the need for foreign exchange conversions and enhancing their cross-border shopping experience.

    Previously, Temu did not accept Verve cards, requiring users to rely on Visa, Mastercard, or virtual dollar cards for transactions. With this new development, Verve cardholders can now access Temu’s vast selection of affordable products without the complexity of currency conversions.

    Similarly, AliExpress, which previously faced payment challenges with Nigerian users, now fully accepts Verve cards. This collaboration simplifies digital commerce, enabling Nigerians to shop on global platforms with ease and security. As Vincent Ogbunude, Managing Director of Verve International, noted in a previous announcement regarding AliExpress, “This marks a significant milestone in our global expansion journey, reflecting our commitment to providing cardholders with access to more possibilities in today’s digital economy”.

    Thanks to Verve’s transition to contactless technology, over 70 million cardholders can now enjoy seamless tap-and-go payments. This innovation enables faster, more secure, and more convenient transactions across digital and physical payment channels.

    Read also: Adeniyi and Gloria Abiodun launch $1.3 million fund to train aspiring software engineers in Africa

    Verve expands payment reach in Africa via Temu and AliExpress

    Verve’s partnership with Temu and AliExpress is part of its broader strategy to expand its global footprint and enhance payment solutions for African consumers.

    Verve cards are widely accepted across Nigeria and select African countries, supporting transactions at ATMs, PoS terminals, and online platforms. Additionally, Verve cardholders can use their cards for subscriptions on Google Play, YouTube Premium, Netflix, Amazon Prime, Uber, and Spotify, ensuring a broad and integrated payment experience.

    In another development, fintech companies like Carbon and PalmPay have partnered with Verve to issue Verve cards to their customers, further expanding Verve’s reach and supporting financial inclusion goals in Nigeria. Verve is committed to providing inclusive and creative digital payment solutions that empower consumers and businesses.

  • Quickteller, Verve sponsor African Movie Viewers’ Choice Awards

    Quickteller, Verve sponsor African Movie Viewers’ Choice Awards

    In alignment with their ongoing commitment to bolster the African creative industry and honour its rich heritage, Interswitch Group’s flagship brands, Quickteller and Verve, have proudly announced their sponsorship of the 10th edition of the esteemed Africa Movie Viewers’ Choice Awards (AMVCA).

    This sponsorship not only signifies their support for African talent but also underscores their dedication to showcasing and celebrating the continent’s diverse cultural narratives.

    Scheduled to unfold on Friday, the 10th, and Saturday, the 11th of May 2024, at the Eko Hotel and Suites Victoria Island, Lagos, the AMVCA is poised to unite exceptional actors, filmmakers, directors, and industry mavens across Africa.

    Read also: Investment downturn hits African startups in Q1 2024

    Since its inception in 2013, the AMVCA has become a beacon of Africa’s cultural richness, spotlighting extraordinary productions and performances that captivate audiences across the continent and beyond.

    Verve sponsors AMVCA’s “Best Category”

    Verve’s sponsorship of the prestigious Best Lead Actor category heralds an array of nominees whose contributions have left an indelible imprint on the African film landscape. These luminaries include Wale Ojo (Breath of Life), Stan Nze (Afamefuna), Marc Zinga (Omen), Gideon Okeke (Egun), Daniel Ezekiel (Blood Vessel), Richard Mofe-Damijo (The Black Book), Lateef Adedimeji (Jagun Jagun – The Warrior), and Gabriel Afolayan (This is Lagos).

    On the other hand, Quickteller is poised to champion the Best Supporting Actress award category, showcasing a lineup of nominees epitomising talent and versatility. Actresses such as Ajoke Silva (Over the Bridge), Fathia Balogun (Jagun Jagun – The Warrior), Bimbo Akintola (The Black Book), Genoveva Umeh (Breath of Life), Eliane Umuhire (Omen), Tana Adelana (Ijogbon – Chaos), and Ejiro Onojaife (The Origin: Madam Koi Koi) are contending for this prestigious accolade.

    Interswitch’s 10th Africa Magic Viewers’ Choice Awards sponsorship

    Cherry Eromosele, Executive Vice President of Group Marketing and Corporate Communications at Interswitch Group, emphasised the significance of their sponsorship for the 10th AMVCA. She articulated, “Interswitch’s sponsorship for the 10th edition of the Africa Magic Viewers’ Choice Awards reflects our steadfast dedication to fostering the creative landscape of Africa.

    Read also: Flutterwave prepares for IPO

    This initiative goes beyond merely celebrating cultural diversity and talent; it’s about recognising and honouring the storytellers who dedicate themselves to bringing African narratives to the forefront. Our Verve and Quickteller brands are proud to contribute to this journey of acknowledgement and celebration.”

    Interswitch’s steadfast commitment to supporting African creatives, driving innovation, and spotlighting the continent’s global cultural heritage is evident through its backing of the AMVCAs. Through such initiatives, Interswitch reaffirms its unwavering dedication to nurturing the growth and evolution of Africa’s creative industry and its remarkable talents, paving the way for a vibrant and thriving cultural landscape.

  • Google, Verve enable Play Store Naira card payments for Nigerians

    Google, Verve enable Play Store Naira card payments for Nigerians

    Google and Verve are now letting Nigerians use Verve cards on the Play Store.

    This will improve the country’s digital economy and make it easier to pay for things in the Google Play Store.

    According to an announcement release, Google will now accept Verve card payments locally. This will make it easy for Nigerians to get Play Store apps.

    Foreign purchases are hard for Nigerians. Some private banks stopped it, and others only let people spend $20 a month. A lot of people had to use Chipper Cash and pay high exchange rates.

    The relationship between Google and Verve is a sign that foreign payment barriers are being broken down. The press release says that Verve Card Play Store sales happen locally. They will be paid in Nigerian Naira.

    Read also: comforte and Google Cloud Partner to Deliver Advanced Data Security

    A big step for the Play Store’s financial inclusion

    The new agreement between Google and Verve will help millions of people in Nigeria. It will make it easy for them to use the Play Store’s many apps and services, among other things.

    Google Play’s Head of Retail and Partnerships, Anthea Crawford, said of the deal, “We are excited to work with Verve to give more Nigerians access to Google Play. The fact that local payments can now be made with Verve cards is a big deal. It means that more Nigerians can join the app economy and get the apps they need.

    In a similar way, Verve International’s Managing Director, Vincent Ogbunude, said that the union would help his company’s goal of financial inclusion a lot. He also thought that this would help Verve cardholders bridge the digital gap.

    Google records 2 billion monthly YouTube Short video watch, earn $74.6bn in revenue

    About Verve and Google

    Verve, a division of Interswitch, was started in 2009. After some changes in 2013, it became a separate business.

    In 2005, the Central Bank of Nigeria (CBN) told Nigeria’s payment business to switch from magnetic strips to EMV chips and PINs by 2009. When fraud was possible with magnetic strips, the CBN migration plan got rid of them. It gave out six million cards in partnership with many Nigerian banks.

    Nigerian Verve makes cards. In 2013, Verve had “over 20 million cards in circulation” that could be used at more than 119,631 places of sale, 11,287 ATMs, and more than 1,000 online stores.

    Google, an American multinational technology firm, specializes in artificial intelligence, internet advertising, search engine technology, cloud computing, computer software, quantum computing, e-commerce, and consumer electronics.

    It controls most of the market, collects a lot of data, and has artificial intelligence advantages, making it “the most powerful company in the world” and “one of the most valuable brands.” Google’s parent firm, Alphabet Inc., is a “Big Tech” corporation, along with Amazon, Apple, Meta Platforms, and Microsoft.

    Larry Page and Sergey Brin, who were both getting their PhDs at Stanford at the time, started Google on September 4, 1998. Through super-voting stock, they control 56% of the voting power of the company’s stockholders and 14% of the shares that are traded on the stock market.

    In 2004, the company went public. In 2015, Google was the only company that Alphabet Inc. owned. Google is the most important business for Alphabet.

    On October 24, 2015, Sundar Pichai took over as CEO of Google from Larry Page. On December 3, 2019, Pichai became CEO of Alphabet.

  • Verve releases over 50 million cards in Nigeria

    Verve releases over 50 million cards in Nigeria

    Verve, a top payment company in Africa, recently made the announcement that it has issued more than 50 million payment cards in Nigeria. 

    This is a significant number that suggests Verve has a dominant position in the market in Nigeria. Following the successful issuance of 35 million cards by the brand in 2022, this announcement is a milestone.

    Reportedly the largest domestic card system in Africa, the payment card brand gives issuers, consumers, and organizations access to a high-quality, unique suite of physical payment card solutions. 

    According to research, there was a 42% increase in the number of card issuances that were reported at the beginning of 2022. Because of this company’s high level of productivity and competence, consumers all around the country and the world consider it to be among their top options when it comes to fintech institutions.

    Read also: Mastercard, SomBank partner to launch debit cards in Somalia

    Collaboration Between Verve and Opay

    Verge entered into a relationship with Opay, a mobile-based platform for payments and other forms of transactions, towards the end of the previous year, and one could argue that the partnership is producing favourable outcomes. The “Opay verve instant Debit card” was the product of this partnership with the internet platform that resulted in its formation. This card is directly linked to the wallets of Opay customers in order to provide a technique that is more reliable for transactions involving payment and service.

    In addition, Verve asserts that one of its goals is to address the particular challenges that are presented by the market in Africa by providing people and businesses with ways of payment that are both secure and reasonable for the purpose of exchanging value. The company provides both physical and virtual credit and debit cards, including prepaid cards, contactless cards, worldwide cards, and debit cards.

    According to a report, one of the functions of these cards is to make it possible to pay in the country’s native currency for a growing number of overseas services. This function was validated. It has made major headway by getting approval from merchants on platforms such as Netflix, Amazon Prime, Facebook, Microsoft, and Uber, amongst others.

    In reference to payments made in the local currency, Verve provides its cards with the highest possible utilization benefits in Nigeria and up to 21 other African nations.

    Interswitch Unveils Brand Campaigns At 20th Anniversary

    About Verve

    The Central Bank of Nigeria (CBN) issued a directive in 2005 requiring the Nigerian payment industry to switch from using magnetic strips to using EMV chips and PIN platforms by he year 2009. Verve was established in 2009 as a subsidiary of Interswitch, and its global card was introduced in the latter half of that same year. In 2013, over the course of the restructuring process, it transitioned into an independent business entity.

    The business has plans to broaden the range of unique payment products and solutions it offers to its customers now that its services are accepted in more than 190 countries and territories.

    The fact that Verve places such great emphasis on cutting-edge security is one of the primary reasons for its success. Chip and PIN technology, both of which are considered to be among the most advanced in the world, is one of the world-class security measures that guard the card against unauthorised use and fraud. When using their Verve cards to make payments, cardholders now get the necessary assurance that they require due to this. Reassurance in the form of biometric capabilities, such as fingerprint, face, and voice recognition, which are intended to bolster the security of the system.