Interswitch Africa and Discover Financial Services (DFS), a US-based banking firm, have entered a partnership to launch Verve, a payment bank card in Africa. Verve is akin to international payment cards such as Visa and Master Cards. In Uganda, Interswitch has already partnered Fina bank, Cairo International bank, UBA, Global Trust bank, Finance Trust, Orient bank, Imperial and Opportunity bank, to network their banking systems.
Verve, which has a “Chip-and-PIN” payment card technology, is said to be more secure than the magnetic stripe card that is currently in use in Uganda, but also more prone to ATM fraud, according to a statement from Interswitch. Interswtich’s new agreement will now allow Verve cardholders to have access to Discover, Diners Club International and PULSE networks for international purchases and cash access outside their countries.
The chip technology guarantees that information stored is not accessible to unauthorised persons. It security features includes; Identity Guard, MoneyGuard, CardInsure, FraudWatch, FraudTeam and FraudAware.
Discover and Interswitch also will collaborate on the integration of Discover DPAS EMV solutions and fraud monitoring solutions to ensure safe transactions across both networks. The companies also plan to look at future opportunities for emerging payment products other Interswitch markets.
“This alliance is significant to Discover’s strategy of creating an alternative global payments network that gives both financial institutions and consumers more choice, By partnering with regional payments networks such as Interswitch, Discover is able to leverage its unique set of assets to grow volume, while providing our partners with the global reach and localized preferences and needs they require.” said Diane Offereins, EVP and President of Discover Payment Services.
Discover has established network to network alliances across the globe, including in China, Japan, Korea, Serbia and India. These alliances provide valuable access to Discover’s global acceptance footprint and deliver value and volume to merchants and partners.
This alliance is another step in the right direction for Verve. We continue to look for new opportunities to expand our scheme, and our partnership with Discover is an example of that,” said Charles Ifedi, CEO of Verve. “The new agreement with Discover Financial Services provides our issuing members with new options for ATM and POS access around the globe while also giving Verve cardholders what they deserve, more convenience at home and abroad.”
Additional Information from The Observer