Susan Abayomi
Verve, Africa’s domestic payment cards and tokens brand, has partnered with Wema Bank to launch a tokenisation solution that enables eligible customers to make contactless payments using their mobile devices.
The pilot programme allows Wema Bank customers with eligible Verve cards to tokenise their cards through the bank’s mobile banking application and activate them for Mobile Tap-to-Pay transactions at supported contactless payment terminals.
The development is part of Verve’s efforts to expand digital payment options and provide cardholders with more convenient ways to complete everyday transactions.
Through tokenisation, sensitive card information is replaced with a secure digital token that can be used to process payments without exposing the underlying card details. This provides an additional layer of security for digital transactions.
Once their eligible Verve cards have been tokenised and Mobile Tap-to-Pay activated, customers can use compatible mobile devices to make contactless payments without physically presenting their cards at supported terminals.
Commenting on the partnership, Managing Director of Verve International, Vincent Ogbunude, said the launch represented an important step in the company’s efforts to provide secure and convenient payment experiences.
He said the solution would expand the ways in which Verve cardholders could use their cards while strengthening security around digital transactions.
Ogbunude added that Verve was pleased to begin the initiative with Wema Bank and planned to extend the capability to more financial institutions and their customers across Nigeria.
The service is designed to go beyond the initial Wema Bank deployment, with Verve’s tokenisation capabilities available to other financial institutions seeking to provide customers with digital and contactless payment options.
The partnership comes amid increasing adoption of digital payment solutions in Nigeria, as banks and payment companies continue to develop services that reduce reliance on physical cards and improve the convenience of electronic transactions.
For Wema Bank, the initiative further aligns with its focus on digital banking and technology-driven financial services. The bank already offers a range of digital payment and banking channels to its customers.
Verve said it would continue working with banks and other partners within the payments ecosystem to broaden access to secure and convenient digital payment solutions for consumers across Nigeria.
The latest development also adds to Verve’s ongoing investment in payment technology as the company expands its offerings around mobile, contactless and tokenised transactions.
