When a bank representative is going to issue you cards, they frequently ask, “What card type do you want? ” Most bank customers are either mute, bewildered or both simultaneously. This is due to the fact that we don’t even understand the distinctions between the three main card kinds used in Nigeria.
What effects will my card choice have on the way services are delivered? Coverage and range? What restrictions? so forth. These and numerous more inquiries are as crucial to receiving the card itself.
The crucial details concerning these three cards and how the type of card you use can impact your transactions are provided in this article.
You can simultaneously use a Visa, MasterCard, and a Verve Card on a single bank account (at the same time).
The banks alone issue and manufacture the cards through approved vendors, not any of these payment network providers. Only their particular networks are supported by MasterCard, Visa, and Verve, which make money from data processing fees.
Hold on, before we compare the three cards, let’s define them first.
Interswitch, a Nigerian business that specializes in offering networks for transactions, powers the Verve Card. Given that it is run entirely by a Nigerian corporation, Verve is known as the “Nigerian” credit card. I’m pleased with the advancements this card has made since its launch in 2009.
The Verve Card, which is accepted in Nigeria and, more recently, certain other African nations, is protected by chip and PIN technology. Your Verve Card makes it easier for you to pay for products and services because it is recognized by all payment methods and bank locations in Nigeria that are part of the Interswitch network.
A Verve Card has a PAN (3-digit number) and a CVV (3-digit code) just like its counterparties (16-digit numbers at the front), 3-year expiration period, a PIN (4-digit), and a metal chip.
The payment card known as the Visa Card is issued by the Visa payment firm. The Visa network is used by the card to process transactions. Visa initially solely designed and supported credit cards, but they have subsequently expanded to support debit, prepaid, and gift cards.
They can access ATMs and the internet globally with their 16-digit PAN number. Like other cards, the Visa Card features a metal chip that is used for various types of transactions, a 3-year expiration term, a PAN (16-digit numbers), a PIN (4-digits), and a CVV (3-digit code) on the back of the card.
Cards from verified issuers can now make purchases everywhere the MasterCard Brand is accepted thanks to MasterCard, a supplier of the payment network. Actually, MasterCard is the world’s second-largest payment network, trailing only Visa.
MasterCard is widely accepted worldwide and, in order to prevent service delays, cross-country transaction disputes are resolved by MasterCard itself. MasterCard has a 16-digit PAN up front. The MasterCard has a metal chip, a 3-year expiration date, a PAN (16-digit numbers on the front), a PIN (4-digit), and a CVV (3-digit code) on the back, just like other card varieties.
Everyone makes decisions for a variety of reasons, but it’s crucial that everyone is well-informed about those reasons. The Verve Card is my first preference because I’m a proud Nigerian. However, I would advise choosing a Visa or MasterCard if you are the sort who travels frequently and uses foreign websites frequently.
Choose your cards carefully, and if you do decide to make a mistake, you may still use the same account to get a different card kind without ruining the first one.