Debit Card Differences – Visa|Verve and MasterCard|The Best
You go to a bank to get a new ATM card 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 which everyone currently uses. They are categorized as payment networks. Payment networks are technological platforms that function to facilitate the safe exchange of cash. VISA, MasterCard, and Verve collaborate with banks and various financial institutions for you, and other customers can have access to these cards. Banks help to 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 process your financial transactions.
Which is better between MasterCard, Visa, and Verve?
Verve
Verve is Nigeria’s indigenous financial technology and payment portal. It is made in Nigeria. So if you are a patriot, then this should be a big mover for you.
Verve card is accepted mostly in Nigeria and other African countries like Kenya, Tanzania, Burundi, South Sudan, Rwanda, and Uganda. It is considered Nigeria’s biggest card payment network with more than 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 ATM within Nigeria. Verve cards can also be used for payments for utility and electricity bills, buying recharge cards in Nigeria. Verve cards cannot be used for the international payment. For instance, you can’t use the verve cards on Amazon, Alibaba, Facebook PAY, Apple music subscription, etc. Verve cards can be used on ‘local’ websites that have the verve inscription. So if you are thinking of 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 glitch 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 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 verve debit card will be displayed including the name, date, merchant name and amount.
- The verve debit card can only be used by customers 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 on 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 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 |
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, Facebook, among others.
Visa cards are also accepted in Nigeria. They can be used to fund transfer, pay bills, and buy recharge cards, shop on local e-commerce sites, etc.
Also Read: NNPC/Total Undergraduate Scholarship – Nigerian Student Update
Types of Visa card in Nigeria
The types of Visa card 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 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 on the internet as long as you see the visa or V-pay logo. There 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 done via your Nigeria account but foreign purchases or transaction 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 being 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 on 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 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 made on POS abroad and on 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 are planning a trip to Brooklyn or Edinburgh, then you should consider getting a MasterCard. It can also be used for local transactions and can do be used to fund transfer, pay bills, and buy recharge cards, shop on local e-commerce sites, etc.
Mastercard can be used for POS, ATM, and web-based transactions just as Verve and Visa. There are spending limits to safeguard or protect their card users.
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 being 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 on 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 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 made on POS abroad and on 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.
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. Just drop them in the comment section below and don’t forget to share this post with other people online.
