Verve, a leading domestic payment cards and tokens brand in Africa, has launched its tokenisation solution in Nigeria. This innovation enables eligible Verve cardholders to make secure and convenient contactless payments using compatible mobile devices. The solution allows Verve cards to be tokenised and provisioned on mobile devices, facilitating contactless payments at supported terminals. This development is expected to enhance the payment experience for consumers and provide financial institutions with new opportunities.
The tokenisation solution replaces sensitive card information with a unique digital token, enhancing security during digital payment transactions. This approach limits the use of sensitive payment information while supporting a seamless payment experience. Consumers can now use their mobile devices to make contactless payments at supported terminals, eliminating the need to present their physical cards. This technology also supports the growing shift towards mobile-first payments.
Vincent Ogbunude, Managing Director of Verve International, highlighted the significance of the tokenisation solution. He stated that it reflects the evolution of the payments landscape, as consumers increasingly interact with financial services through digital and mobile channels. The solution provides a practical way for payment cards to support changing behaviours while creating opportunities for financial institutions to extend the functionality of existing card offerings.
The tokenisation experience is designed to be integrated into participating financial institutions' digital channels. Eligible customers can provision their Verve cards for mobile contactless payments, and once activated, use compatible mobile devices to make payments at supported terminals. This capability is subject to applicable device and authentication requirements. Financial institutions can now respond to increasing demand for secure, convenient, and mobile payment experiences.
For financial institutions, tokenisation provides an opportunity to extend the value of their existing card offerings. By incorporating tokenised payments into their digital channels, institutions can give eligible Verve cardholders an additional way to use their cards and engage with digital payment services. This development is expected to enhance the overall payment experience and provide consumers with greater flexibility.
Verve's tokenisation solution is part of the brand's continued investment in payment innovation. The solution focuses on developing solutions that respond to changing consumer behaviour and the evolution of the payments ecosystem. Combined with Mobile Tap-to-Pay, the capability expands the ways eligible Verve cardholders can use their cards in an increasingly mobile-first environment.
Verve continues to invest in payment solutions that make digital transactions more secure, convenient, and accessible. The brand works with ecosystem partners to expand the ways consumers can use their cards and participate in the evolving digital payments ecosystem. With the launch of its tokenisation solution, Verve aims to provide a secure and convenient payment experience for consumers in Nigeria.
Key points
- Verve launches tokenisation solution for secure mobile payments in Nigeria
- The solution enables eligible Verve cardholders to make contactless payments using mobile devices
- Tokenisation enhances security by replacing sensitive card information with a unique digital token
