13 banks adopt Verve’s Paycode for cardless transactions

Verve International says it has partnered with 13 banks and mobile money operators to deploy cardless transaction infrastructure across all states in the country.

With Paycode, Verve says customers can withdraw money at ATMs and POS merchants, and make payments at PoS merchants without using cards.

Financial institutions who have already adopted this include GTBank, Fidelity Bank, FCMB, Wema Bank, Heritage Bank, Union Bank, Zenith Bank, Stanbic IBTC Bank, Unity Bank, Sterling Bank, Skye Bank, UBA and Access Bank, as well as Paga, ReadyCash, Quickteller Paypoint and FETS.

“Customers sometimes forget or lose their cards which could leave them stranded, but with Paycode these customers would still be able to get cash at the ATM without the need for a physical card,” a statement from the company read.

“We are excited to announce this collaboration with the banks, mobile money operators, PSTPs, PTADs and merchants because we know the convenience that Paycode will create for customers,” Charles Ifedi, CEO, Verve International said.

“Understanding the peculiarities of our environment and knowing that the millions of Nigerians no longer need to worry about having their physical debit cards with them is a major milestone in Nigeria’s payment ecosystem. This is part of our commitment to continuously address indigenous problems with solutions that can be accessed by every Nigerian.”

“We’re all familiar with queues at ATMs and the low ATM per capita coverage in Nigeria, leaving many Nigerians without convenient ways to access funds. Paycode can be cashed out at POS merchants and Quickteller Paypoint agents, easing the burden on the infrastructure of partner financial institutions, bringing ease of transaction to customers, and saving enormous time and associated resources along the chain.”

Paycode users will be able to send money to people without bank accounts as the latter will receive the Paycode as a text message on their mobile phones and can withdraw cash at any Paycode enabled ATM, PoS or agent.

This eliminates the need to give one’s card or bank account details to third parties.