You go to a bank to get a new ATM or debit card, and in the form, you have options: Visa, Verve, and MasterCard. Which do you select? Which will give you the best service and lower your chances of service disruption? Are there any differences between Visa, Verve, and MasterCard cards? Are there similarities?
You don’t have to worry. This article will do all the analysis for you.
But first, we have to define how Visa, Verve, and MasterCard are payment networks.
What are payment networks?
It is noteworthy that VISA, Verve, and MasterCard do not issue debit cards or ATM cards that everyone currently uses. They are categorised as payment networks. Payment networks are technological platforms that facilitate the safe exchange of cash. Visa, MasterCard, and Verve collaborate with banks and financial institutions for you, and other customers can access these cards. Banks help distribute these cards. Bank networks also contribute to the efficiency of these cards.
So, MasterCard, Visa, and Verve help safeguard your private details while at the same time swiftly processing your financial transactions.
Which is better between MasterCard, Visa, and Verve?
Related: First Bank Mobile Banking App: Everything You Need to Know
Verve
Verve is Nigeria’s indigenous financial technology and payment portal. It is made in Nigeria. So if you are a patriot, this should be a big move.
The Verve card is accepted mostly in Nigeria and other African countries like Kenya, Tanzania, Burundi, South Sudan, Rwanda, and Uganda. It is Nigeria’s biggest card payment network, with over 25 million cards used in Nigeria alone.
With a Verve card, you can easily make cash payments, buy goods and services online, and use POS and ATMs within Nigeria. Verve cards can also be used for payments for utility and electricity bills, like buying recharge cards in Nigeria. Verve cards cannot be used for international payments. For instance, you can’t use the verve cards on Amazon, Alibaba, Facebook PAY, Apple music subscriptions, etc. Verve cards can be used on ‘local’ websites that have the verve inscription. So if you are considering using your card for international transactions in the future, Verve cards shouldn’t be your choice.
An advantage of the Verve card is that it is not prone to numerous scams and cyber glitches from foreign hackers since it is not internationally accepted. Verve card users also enjoy some perks and discounts listed here.
Benefits of Verve cards
Benefits of Verve cards include:
- It grants you the capability to access your money within Nigeria. You can buy goods and services at a POS terminal or on a web platform anywhere in the country. You can also withdraw money from an ATM with the Interswitch logo anywhere in the country.
- Holders of Verve debit cards can also track their purchases at any time. This can be done through the bank statement. The full details of purchases made with a verve debit card will be displayed, including the name, date, merchant name and amount.
- Customers can only use the verve debit card with Nigeria savings or current bank account.
- It allows for easy transfer of money.
- Easy and convenient to use as it facilitates a cashless lifestyle.
Transaction limit of Verve debit card in Nigeria
Transaction limit of Verve debit card in Nigeria:
| The maximum amount you can withdraw from an ATM within 24 hours | N150,000 |
| The maximum amount you can spend on a POS or the internet within 24 hours | N1,000,000 |
| The maximum amount you can spend on the internet within 24 hours | N500,000 |
Cost of getting a verve debit card in Nigeria
Cost of getting a verve 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 an issuer’s Bank branch | Free |
| Cash withdrawal abroad | No |
| Purchases made on POS and local websites in Nigeria | Free |
| Purchases made on POS abroad and foreign websites | No |
VISA
Unlike the Verve card, Visa cards are accepted all over the world. A Visa card can be used for both local and foreign transactions. Visa card users enjoy international transactions on so many international websites like Ali express, eBay, and Amazon. They can also make subscriptions on Apple music and Facebook, among others.
Visa cards are also accepted in Nigeria. They can be used to fund transfers, pay bills, buy recharge cards, shop on local e-commerce sites, etc.
Related: Facebook Gift Cards | How to Use Facebook Gift Card
Types of Visa cards in Nigeria
The types of Visa cards in Nigeria include:
Visa Classic Debit Card
This visa card allows you to access your money across all countries in the world. You can easily buy goods or pay for savings wherever in the world as long as you see the Visa logo. There are more than 1.5 million visa-powered ATMs in more than 150 countries, and you can make withdrawals at these locations.
Visa Dual Currency (DCDC) Debit Card
This visa card allows you to access your money anywhere in the world. You can also buy goods or pay for services online if you see the visa or V-pay logo. There are more than 1.5 million visa-powered ATMs in more than 150 countries, and you can make withdrawals at these locations. A special feature of this card is that it allows you to withdraw directly from your dollars or Naira-denominated domiciliary account in the country. Purchases within Nigeria will be made via your Nigeria account, but foreign purchases or transactions will be deducted from your dollar-dominated domiciliary account.
Benefits of Visa cards
The benefits of Visa cards include:
- Make withdrawal, buy or pay for goods and services anywhere in the world where the VISA logo is displayed. VISA debit card is accepted in more than 200 countries worldwide.
- Dual currency card that can be linked to domiciliary account.
- Internationally accepted on every payment platform, including ATM and POS.
- Enhanced security that protects and guarantees the safety of your card transactions.
- Cashless transaction.
Transaction limit of Visa debit card in Nigeria
| The maximum amount you can withdraw from an ATM within 24 hours | N150,000 |
| The maximum amount you can spend on a POS or the internet within 24 hours | N1,000,000 |
| The maximum amount you can spend on the internet within 24 hours | N500,000 |
| The daily international ATM withdrawal limit | $1,000 |
| Daily international POS transaction limit |  $2,500 |
| Daily international Web transaction limit | $6,250 |
Average 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 an issuer’s bank branch | Free |
| Cash withdrawal abroad* | N1,200 + Acquirer fee |
| Purchases made on POS and local websites in Nigeria | Free |
| Purchases made on POS abroad and foreign websites* | Free |
MasterCards
MasterCard is very much similar to the Visa card. It is accepted both in Nigeria and across the world. So, if you plan a trip to Brooklyn or Edinburgh, you should consider getting a MasterCard. It can also be used for local transactions and can be used to fund transfers, pay bills, buy recharge cards, shop on local e-commerce sites, etc.
Mastercard can be used for POS, ATM, and web-based transactions like Verve and Visa. There are spending limits to safeguard or protect their card users.
Related: Cardless Withdrawal Codes for Nigerian Banks and Procedures
Benefits of Mastercard debit cards
The benefits of Mastercard cards include:
- Make withdrawal, buy or pay for goods and services anywhere in the world where the VISA logo is displayed. VISA debit card is accepted in more than 200 countries worldwide.
- Dual currency card that can be linked to domiciliary account.
- Internationally accepted on every payment platform, including ATM and POS.
- Enhanced security that protects and guarantees the safety of your card transactions.
- Cashless transaction.
Transaction limit of Mastercard debit card in Nigeria
| The maximum amount you can withdraw from an ATM within 24 hours | N150,000 |
| The maximum amount you can spend on a POS or the internet within 24 hours | N1,000,000 |
| The maximum amount you can spend on the internet within 24 hours | N500,000 |
| The daily international ATM withdrawal limit | $1,000 |
| Daily international POS transaction limit |  $2,500 |
| Daily international Web transaction limit | $6,250 |
Average Cost of getting a Mastercard 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 an issuer’s bank branch | Free |
| Cash withdrawal abroad* | N1,200 + Acquirer fee |
| Purchases made on POS and local websites in Nigeria | Free |
| Purchases made on POS abroad and foreign websites* | Free |
Which is better?
The Verve card cannot compete with Visa and Mastercard debit cards. Both Visa and Mastercard are globally accepted and have been in business for nearly four decades. Verve card is relatively new and progressing steadily as it has increased its reach to other African countries.
How to Secure your Visa, Verve & MasterCard debit card
Fortunately, there are a few simple steps you can do to protect yourself and prevent your debit card information from being stolen while shopping on the internet.
Use Well-Known and Reputable Websites
Make purchases at e-commerce stores you know and trust. If you’re not familiar with a website, learn more about it by doing some investigation.
If the design is sloppy or poor, you may want to explore elsewhere for your shopping. There are numerous respectable eCommerce sites from which to choose.
One Account Limits Your Risk
All of your online shopping should be made using a single debit card. You avoid exposing several accounts to cybercriminals and can keep an eye on sketchy transactions this way.
Some Nigerian banks even issue-specific online-only cards. Set up SMS or email alerts to notify you when a transaction is performed on your account.
When making a transaction, sign out as a guest rather than setting up an account that also retains your card details in a profile.
Passwords should be unique.
To stop unauthorized users from accessing numerous accounts using the same user credentials, passwords for your debit card and banking identities should be distinct and unique.
In general, a strong password is long and encompasses upper- and lower-case characters, digits, and symbols (if allowed). To add intricacy, consider substituting words such as “to” with the digit two and “and” with ampersands in a sentence combination.
Use catchy passwords that you won’t ever forget, but don’t include personal information, and never jot down your login credentials anywhere.
“S” stands for “Secure.”
Ensure your access to any website is secure at all times.
Whenever the lock indicator appears in the URL field of your Web browser and the address begins with “https” instead of “http,” the transaction is secured.
Because fraudsters can acquire genuine security certificates, this isn’t completely secure, but it does help to prevent unscrupulous schemes.
Use Anti-Virus Software
Safeguard your PC and mobile phones with security systems. Because most of us shop on smartphones, we are more vulnerable to cyber-attacks.
Use antivirus software or a full Internet Security suite that protects all of your devices.
Update to Keep Yourself Safe
Keep an eye out for software and operating system upgrades. These updates frequently fix security flaws, making you safer. If you receive information that an upgrade is ready, download it as soon as possible.
Which ATM card is the best in Nigeria
Verve Debit Card
Verve is the first chip card accepted in every payment channel in the country, which includes buying products and services at local merchant stores (POS, Web) in Nigeria. You can withdraw money from any ATM that carries the Interswitch logo.
Can Verve card be used for online payment?
Using your Verve card, you can easily use Quickteller Value Added Services, such as making payments for bills, instant interbank payment transfers, and many more via ATMs, POS, and Web.
Can Verve card be used for international online payment?
Verve cards can’t be used for payments abroad. Verve cards, for instance, can’t be used on platforms like Amazon, Alibaba, Apple Music subscriptions, Facebook Pay, and others.
Related: First Bank of Nigeria Credit Cards
What’s your say about this article? Do you use any of the above debit card types? If yes, then your ideas and suggestion are highly welcome. Drop them in the comment section below, and don’t forget to share this post with others online.