What is the difference between Verve card and Mastercard?
Payment networks are an integral part of today's financial industry. These technological platforms facilitate the safe exchange of money between individuals, institutions, and other online commerce platforms. In Nigeria, Verve and Mastercard are among the most popular payment platforms. What is the difference between Verve card and Mastercard, and which one is better for you?
Source: UGC
Remember that these platforms do not issue debit or credit cards. Instead, they collaborate with banks and other financial institutions, which then issue the cards under their brands.
The difference between Verve card and Mastercard
What is the difference between Mastercard and Verve card? Here is a detailed look at each card's features, advantages, drawbacks, and unique selling points.
Verve card
What is a Verve card? It is one of the products under Verve International, a Nigerian fintech company owned by the Interswitch Group. The card was initially designed as an indigenous Nigerian product and could only be used within Nigeria.
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The scope then changed when Verve International ventured into a few other African countries, including Kenya, Rwanda, Uganda, and the Gambia. In 2013, Verve International got into a business deal with Discover Financial Services. This made it possible for Verve cards to be used globally in all POS terminals and ATMs within the Discover global network.
The deal increased Verve's scope to more than 180 countries covered by Discover Financial Services.
Types of Verve cards
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Here are the three types of Verve cards in today's financial industry.
- Verve prepaid: These cards are designed to offer the flexibility of making multipurpose payments anywhere without the need for a physical bank account. The cardholder needs to preload the card with their desired amount and then spend it in any POS (point of sale) where Verve is accepted.
- Verve debit: The Verve Debit Card is the perfect way to make everyday payments easily. Unlike the prepaid, this one is linked to your existing current or savings bank account. The debit card gives you real-time access to funds in your bank account for hassle-free usage.
- Verve contactless: Verve's contactless cards enable users to make quick payments on the go by simply tapping their cards at locations where the contactless insignia is present. Withdrawals can also be made at these locations with a simple tap.
Verve transaction limits
Here are the transaction limits that come with Verve cards.
- ATM withdrawal every 24 hours: ₦150,000
- POS spending every 24 hours: ₦1 million
- Online spending every 24 hours: ₦500,000
Verve card charges
Here are the various charges associated with the Verve card.
- New card: ₦1,000
- Card replacement: ₦1,000
- Maintenance fee (monthly): ₦50
- Cash withdrawal on ATMs at an issuer's bank branch: Free
- Purchases made on POS and local websites in Nigeria: Free
Mastercard
Source: UGC
Mastercard is an American multinational financial services corporation headquartered in Purchase, New York. The corporation owns the Mastercard payment platform that facilitates prepaid, debit, and credit cards with the Mastercard branding. In Nigeria, the card can be used for ATM withdrawals, POS transactions, and online payments.
One can get a prepaid, debit, or credit Mastercard. This varied depending on the issuing financial institution.
Transaction limits
- ATM withdrawal every 24 hours (in Nigeria): ₦150,000
- POS spending every 24 hours (in Nigeria): ₦1 million
- Online spending every 24 hours (in Nigeria): ₦500,000
- International ATM withdrawal every 24 hours: $1,000
- International POS spending every 24 hours: $2,500
- International online spending every 24 hours: $6,250
Mastercard charges in Nigeria
These charges often vary from one issuer to another. Here are the average figures.
- New card: ₦1,000
- Card replacement: ₦1,000
- Maintenance fee (monthly): ₦50
- Cash withdrawal on ATMs at an issuer's bank branch: Free
- Cash withdrawal abroad ₦1,200 + Acquirer fee
- Purchases made on POS and local websites in Nigeria: Free
- Purchases made on POS abroad and foreign websites Free
Which is better between Mastercard and Verve?
Upon inception, the Verve card was massively inferior to Mastercard. This was primarily due to its limited scope since it could only be used in Nigeria and a few other African countries. Today, the card can be used in more than 180 countries following its deal with Discover.
Still, Mastercard has more global reach and higher daily transaction limits (international), making it better than Verve. Here is a look at how the two cards compare.
| Item | Verve | Mastercard |
| 24-hour ATM withdrawal limit | ₦150,000 | ₦150,000 |
| 24-hour online spending limit | ₦500,000 | ₦500,000 |
| 24-hour POS spending limit (international) | ₦1 million | ₦2.67 million |
| Cost of a new card | ₦1,000 | ₦1,000 |
| Card replacement charges | ₦1,000 | ₦1,000 |
| Maintenance fee (monthly) | ₦50 | ₦50 |
| Cash withdrawal on ATMs at an issuer’s bank branch | Free | Free |
| Purchases made on POS and local websites in Nigeria | Free | Free |
Which is better between Visa and Verve card?
Like Mastercard, Visa has more global reach and higher daily transaction limits (international), making it better than Verve.
Can a Verve card be used for international online payment?
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Can I use a Verve card for online payment abroad? Yes, you can. This was made possible after Verve's deal with Discover Financial Services. The Verve card can now be used in any online POS that accepts Discover cards.
How can I change my Verve card to Mastercard?
One cannot convert their Verve card into a Mastercard. Should you need to make such a change, contact your card issuer, and ask them to issue you with a Mastercard in place of or on top of your Verve card.
Today, there isn’t much difference between Verve card and Mastercard. The former has really improved in terms of scope, limits, and features. Still, Mastercard is slightly ahead due to its higher daily limits and better global reach.
READ ALSO: How to receive money through PayPal in Nigeria: can you do it?
Legit.ng recently published an article about the various ways one can receive money via PayPal in Nigeria. PayPal is inarguably one of the leading money transfer platforms in the modern-day financial industry across the world.
Can you be paid via PayPal in Nigeria, and if so, what do you require? The platform's wide coverage means customers in numerous countries can access it. Still, the service remains inaccessible in a few countries for various reasons, often related to governments, scams, and regulations.
Source: Legit.ng
