Verve Introduces New ‘Paycode’ Feature to Strengthen Cashless Policy

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Verve International, a major card brand in Nigeria, has recently launched ‘paycode’ its new online banking feature, to enable users to access their money without an ATM card and strengthen cashless policy in the country.

The paycode app allows customers to put all their electronic cards from different banks, in one place so as to ease transaction processes.

Charles Ifedi, Chief Executive Officer, Verve International during the unveiling of paycode said “We designed the app to address the need for urgent access to cash without a card, through Verve Paycode. Cash can 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”.

According to Verve, the app which will work through its Verve World 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. It has also addressed security concerns, as the paycode is only valid for 24 hours after which, the code becomes invalid.

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. 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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