You will agree with me that electronic transfers are gradually taking over financial transactions these days, cash transfers and all electronic transactions are usually facilitated by ATM cards.
When you go to the bank to open an account or, to get an ATM card, there is a form that is given to you to fill. In that form, there is section where you are required to, select the type of card you want. And the listed options are Visa, Verve and MasterCard.
Many people do not know the difference between these three cards and end up just selecting one randomly.
Although, all these cards have similar uses and can be used for similar transactions, they still have differences in that; some cannot be used for certain transactions and in certain places.
Here Are The Differences Between Visa, Verve and MasterCard.
1. Verve Card
The verve card as it were can only be used to make transactions in Nigeria. So you can use verve to make any transactions you want to make as long as, they are not foreign.
So verve can be used for ATM, POS, airtime services and can also be used to, make purchases on domestic sites.
One advantage of verve is that, it protects you from international fraud because you cannot make any international transaction with the card.
So, the main thing about verve is that, is can only be used within Nigeria, so if you have no plan of going outside Nigeria or making international purchases then, verve is the best card for you.
2. Visa Card
The visa cards are multipurpose cards and can be used both domestically and internationally. This means that, if your Visa card was issued to you by a bank in Nigeria, you can still, use it to make transactions when you travel to America or any other country outside Nigeria.
Visa cards can also, be used online, to make transactions on websites. It can also be used for POS, and ATM transactions.
And the good news is that, Visa card are now accepted by Nigerian online shopping sites.
So basically, what makes Visa card unique is that, it can be used for making transactions globally. Visa card has a limit which can always be changed by the owner of the card. Visa has 4 as its first digit.
Master cards are very similar to Visa cards because, the MasterCard can be used internationally, that is, it can be used outside Nigeria.
So as long as MasterCard is supported in that country and by the website, you can use the MasterCard to make whatever transactions you wish to make.
And one advantage with MasterCard is that, if your bank permits, you can spend naira abroad. Meaning that you do not need to change your naira to dollar before traveling, however, the naira spent is also equivalent to the price of dollars. So if dollar increases, you will have to pay more, unlike when you change your naira to dollar.
Just like Visa and verve, MasterCard can also be used in POS, ATMs and on international websites.
MasterCard offers special security to users, which protects them from fraudulent transaction using secure code and safe token.
To help customers manage their spending, MasterCard has spending limits which can however, be adjusted by the owner of the card.
Visa and MasterCard are almost the same but the difference between the two is that, they only work on the payment network that the company operates.
This means that, MasterCard cannot be used on a visa network and vice versa.
MasterCard and visa are of different kinds such as gold, classics, platinum and infinite cards. The various types of cards are issues based on account balance of the customer and how much the customer spends.