Verve pioneers paycode to strengthen cashless transaction

Verve New
Nigeria’s journey to a truly cashless society has received yet another thrust as the payment card brand, Verve International has unveiled a groundbreaking technology making it possible for cardholders to withdraw money from ATMs and perform transactions on POS terminals without using their physical cards.
Known as Verve paycode, this revolutionary platform was unveiled to the media at an event Yesterday, Wednesday, Dec 2, 2015 at Four Points By Sheraton, Victoria Island, Lagos.
Verve paycode is a function on the Verve World app and works by means of a special one-time security code generated on the app. The user selects how much they wish to send and the app then generates the code. The code can be redeemed on any Paycode-enabled ATM or POS terminal nationwide.
In addition to creating a new level of ease and security for transactions, the platform is also enabled to store all card brands, making it possible to have all your cards in one place.
Other services available on the app include: Verve eCash funding; one – touch airtime top – up; Verve Rewards balance check; and enabling or disabling cards from performing international transactions.
It was revealed that a Verve Paycode can also be generated by simply dialing *322*8*amount# on any mobile device and following the steps outlined. This makes it possible for cardholders to use the service even from low-end devices or without necessarily having access to the Internet.

CEO, Verve Charles Ifedi making a cardless transaction
CEO, Verve Charles Ifedi making a cardless transaction

Chief Executive Officer, Verve International, Charles Ifedi, speaking on this innovation remarked,
“The Verve World app has been tailored specifically for the African market and is an example of how, here at Verve International, we continue to push the boundaries of technological innovation to address local payment challenges. We continue to see growing demand from our cardholders for easy, secure and convenient payment methods irrespective of the payment instrument being used.
Therefore we designed the app to address the need for urgent access to cash without a card, through Verve Paycode, (a key feature in the APP) which can also be generated and sent to friends and family for cardless withdrawal at ATMs. Verve Paycode can also be generated via USSD channel, using any phone including feature phones, by simply dialing *322*8*amount#. We believe that the technology this app offers will revolutionize how we manage our money.”
Cardless transactions can be initiated at an ATM without inserting a card. This is done by pressing any button on ATMs enabled with ‘Quickteller Cardless’. Fidelity Bank, Stanbic IBTC Bank, Heritage Bank, Zenith bank, FCMB and GTBank have all upgraded their ATMs with this functionality.
ATMs belonging to UBA, Sterling Bank, Access Bank, Skye Bank, Unity Bank, Ecobank and WEMA Bank are being upgraded and would have the service available in a few weeks. As such, there are currently over 5,000 ATMs across Nigeria where Verve Paycode can be used, and this would rise to over 11,000 ATMs by the end of 2015, when the upgrades for the above listed banks would have been completed.
The service is also being extended to enable Banks’ Mobile Banking and Internet Banking, as well as Mobile Money Operators and other stakeholders to leverage Paycode at ATMs and POS terminals.