Verve International, a major card brand in Nigeria has launched paycode to enable users to access their money without an ATM card, strengthening cashless initiatives in the country. As of today, Stanbic IBTC, Guaranty Trust Bank, Heritage Bank, FCMB, Fidelity Bank and Zenith Bank are the Nigerian banks where customers can carry out cardless transactions, courtesy of the ‘Quickteller Cardless’ function.
Two days ago at the Four Points Hotel at Victoria Island, Lagos, Verve International released a special feature called paycode in the already functional Verve World app, powered by Interswitch (available on Android Play Store, since May 2015). The Verve world app caters to customers who would rather have access to all their ATM cards in one app.
Paycode enables ATM card users to access their money and also provides access to family and friends for a specified sum. Verve has addressed security concerns, as the paycode is only valid for 24 hours. After the specified time, the code becomes invalid.
Using ATMs in Nigeria can be quite tasking due to poor infrastructure. “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”, said Charles Ifedi, chief executive officer, Verve International during the unveiling of paycode.
According to Verve, the app is meant to encourage less spending and better money management according to the belief that customers will spend less when they have limited access to funds.
However, in a 2009 essay, Jashim Khan and Margaret Craig-Lees, revealed that individuals are more aware of how much money they spend when they have currency notes and coins as opposed to performing financial transactions through cashless processes, where they are out of touch with how much they are spending, which can lead to overspending.
Paycode service will become available to UBA, Sterling Bank, Access Bank, Skye Bank, Unity Bank, Ecobank and WEMA Bank in a few weeks.
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