Visa Card vs Verve Card: So you’ve just opened a savings or current account, or you’ve had your account for a while, and it’s time to renew your debit cards, but you’re not sure whether you should get a visa card or a verve card. Thefintechafrica.com has your back.
All card types provide the same basic service of assisting transactions at payment points, but they differ in transaction limits and incentives.
In this article we will be comparing the benefits of the Visa and Verve cards to help you decide which is best for you.
Table of Contents
What’s Is Visa?
Simply put, Visa is a payment network. When you use a Visa card to make a purchase, Visa processes the payment, instantly communicating with your bank and the merchant to ensure that the merchant is paid.
A Visa card can be used for both domestic and international transactions. Visa cardholders can make international purchases on a variety of international websites, including Ali Express, eBay, and Amazon. They can also subscribe to Apple Music, Netflix, and other services.
In Nigeria, Visa cards are also accepted. They can be used to transfer funds, pay bills, purchase recharge cards, shop on local e-commerce sites, and so on.
What Is The History of Visa?
Visa’s operations began in 1958, with the introduction of the BankAmericard® credit card by Bank of America. It was the first consumer credit card program, and it was a huge success for the company, allowing it to expand internationally in 1974. In 1976, BankAmericard was renamed Visa, which sounded the same in all languages.
In 2007, Visa, Inc. was formed when regional businesses from around the world merged to form Visa, Inc. It went public a year later in one of the largest initial public offerings (IPO) in history. Visa now operates in over 200 countries and territories, with the mission of “being the best way to pay and be paid, for everyone, everywhere.”
The more Visa dominates the global payment network industry, the more it attracts new consumers and merchants.
Visa Card Benefits
- Make a withdrawal, purchase, or pay for products and services wherever the VISA logo is displayed across the world. VISA debit cards are accepted in over 200 countries all over the world.
- It can be linked to a domiciliary account and can be used in both currencies.
- Every payment platform, including ATMs and POS terminals, accepts it internationally.
- Increased security that safeguards and ensures the security of your card transactions.
- Cashless Transactions.
Cost Of Getting A Visa Debit Card In Nigeria
| Getting a new card | N1,000 (VAT Exclusive) |
| Replacing a card that has been lost, damaged, or has expired | N1,000 (VAT Exclusive) |
| Monthly maintenance fee | N50 (VAT Exclusive) |
| Cash withdrawal on ATMs at any issuer’s bank branch | Free |
| Cash withdrawal abroad | N1,200 + Acquirer fee |
| Purchases made on POS and on local websites in Nigeria | Free |
| Purchases done at a foreign POS or on an international website | Free |
Transaction limit of Verve debit card in Nigeria
- N150,0000 is the most you can withdraw from an ATM in a 24-hour period.
- N1,000,000 is the most you can spend on a POS or on the Internet in a 24-hour period.
- N500,000 is the most you can spend on the Internet in a 24-hour period.
What Is Verve?
Verve is an indigenous financial technology and payment portal in Nigeria. It is designed and produced in Nigeria and is widely accepted in the country as well as in other African countries such as Kenya, Tanzania, Burundi, South Sudan, Rwanda, and Uganda. Verve is considered Nigeria’s largest card payment network, with over 25 million cards in use in the country alone.
You can easily make cash payments, buy goods and services online, and use POS and ATMs in Nigeria with a Verve card. Verve cards can also be used to pay utility and electricity bills, as well as to purchase recharge cards in Nigeria. Verve cards are not accepted for international payments. Verve cards, for example, cannot be used on Amazon, Alibaba, Facebook PAY, Apple Music subscriptions, and so on.
What Is The History of Verve
Verve began as a subsidiary of Interswitch in 2009. In a restructuring process in 2013, it became an independent corporate company.
In Nigeria, Verve is the first chip card that is accepted across all payment channels. The card is the most common payment option among Nigerians for everything from paying bills to physical shopping to e-commerce.
In Nigeria, there are about 20 million Verve users. The figures are rapidly rising, with the betting and online casino areas seeing the most increase. The rapid rise of the betting sector in Nigeria made this possible.
Verve Card Benefits
- Nigeria Verve cards are accepted through a variety of channels, including POS and Web terminals, as well as ATMs; however, Nigeria Verve cards are exclusively accepted on Nigerian websites.
- Value-added services such as funds transfer, shopping, bill payment, and airtime recharge are available to holders of Nigeria Verve cards.
- Banks may also provide additional discounts and offers to consumers who pay with a Nigeria Verve card.
- When compared to other cards, the Nigeria Verve is less expensive to obtain and protects funds when making foreign payments.
- Because it is not internationally recognised, it is not vulnerable to countless scams and cyber-attacks by foreign hackers.
Cost Of Getting A Visa Debit Card In Nigeria
| Getting a new card | N1,000 (VAT Exclusive) |
| Replacing a lost, damaged or expired card | N1,000 (VAT Exclusive) |
| Monthly maintenance fee | N50 (VAT Exclusive) |
| Cash withdrawal on ATMs at any issuer’s Bank branch | Free |
| Cash withdrawal abroad | No |
| Purchases made on POS and on local websites in Nigeria | Free |
| Purchases made on POS abroad and on foreign websites | No |
Transaction limit of Verve debit card in Nigeria
- N150,0000 is the most you can withdraw from an ATM in a 24-hour period.
- N1,000,000 is the most you can spend on a POS or on the Internet in a 24-hour period.
- N500,000 is the most you can spend on the Internet in a 24-hour period.
- $1000 is the daily international ATM withdrawal limit
- $2500 is the daily international POS transaction limit.
- $6,250 is the daily international web transaction limit
Visa Card vs Verve Card Which is the better option?
The Verve card isn’t strong enough to compete with the Visa debit card. Visa cards are widely accepted around the world and have been in use for nearly four decades. Verve Card is a relatively new service that has progressively grown in popularity as it has expanded its reach to additional African countries.
Conclusion
There are three debit cards available in Nigeria. The Verve, Mastercard, and Visa cards are the three options. Issuers aren’t always aware of the distinctions, which are often critical. In general, the Verve card and the Mastercard perform comparable tasks. The key difference is that Mastercard may be used for both domestic and international transactions, whilst the Verve card can only be used in Nigeria. The difference between Visa and Nigeria Verve is the same.
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