The agreement will enable the launch of the MasterCard Verve, a chip and PIN debit card that allows cardholders to have the combined benefits of Verve and MasterCard such as wider acceptance across Nigeria and globally with cardholder protection feature.
It is expected that the first MasterCard Verve debit cards will become available through the banks in early February 2011.
The debit cardholders can use their card for daily purchases and access cash at over 12,000 point of sale locations, 400 online merchants and at 10,000 ATMs across the Nigeria.
With the MasterCard’s Global Service, the cardholders can also receive the either a replacement card or a cash advance, in case of the loss card.
MasterCard Area Head, East & West Africa and Indian Ocean Islands Daniel Monehin said the co-branded debit card agreement with InterSwitch aims to usher in a new era in convenient and secure payments for Nigerians and through this collaboration, cardholders will have the ability to use a single card for domestic and international transacting.
InterSwitch Director Payment Solutions Charles Ifedi said that the MasterCard Verve debit cardholders will be the first cardholders in Nigeria to have local and international acceptance and be able to access a range of value added services.
"With Quickteller, cardholders will get instant 24-hour reconnection to a variety of local and regional services such as DSTV, AIRTEL, HITV and PHCN. In addition, the MasterCard Verve debit card offers fantastic price points and significant benefits to cardholders locally, regionally and internationally," Ifedi said.
