Which Option is Best for my ATM - Verve, Visa, or MasterCard?

Everyone needs to have an ATM for quick access to their money and getting one is very easy. All you need to do is go to your bank and fill out a form and then you are issued one. There is however one challenge that people face when filling out a form for an ATM: selecting the option for Verve, Visa, or MasterCard.

Verve, Visa, and MasterCard are payment networks. They are platforms that facilitate the safe exchange of money between individuals, institutions, and other e-commerce platforms. Choosing any one of the three options for your ATM card won't stop you from getting your money, but they can significantly impact your banking experience as each offers a distinct set of features and advantages. Here's what you should know about these payment networks that will help you make an informed decision on which one is best suited for your needs.

Verve

Unlike Visa and MasterCard, Verve is indigenous to Nigeria. It is a product of Verve International, a Nigerian fintech company owned by the Interswitch Group. The card was initially designed to be used only within Nigeria but that changed after Verve International ventured into other African countries like Kenya, Rwanda, Uganda, and the Gambia.

Verve later went global in 2013 when Verve International entered into a deal with Discover Financial Services, making it possible for Verve cards to be used in all POS terminals and ATMs within the Discover global network. This means that Verve could now be used in more than 180 countries covered by Discover Financial Services.

Visa

Visa is owned by Visa Inc., an American multinational corporation. As you would expect, Visa cards are widely used and accepted in countless countries around the world. It can be used in Nigeria for both local and foreign transactions. Regardless of the type of transaction you want to do and where in the world the other party is located, a Visa card will most certainly get it done as it provides the flexibility to make transactions globally.

MasterCard

MasterCard is very similar to the Visa as it is accepted both locally and internationally. It is noted as the second-largest payment-processing corporation worldwide. The MasterCard can perform all the same transactions that Verve and Visa can do. From everyday purchases to international escapades, the MasterCard is a great and reliable choice.

Which is Better - Verve, Visa, or MasterCard?

The Verve card is a great choice for anyone feeling patriotic and wanting to support a Nigerian venture. However, it cannot compete with Visa and MasterCard on the global stage. With over three decades of existence and broader international reach, Visa and MasterCard emerge as more compelling options, particularly for frequent travelers requiring global payment capabilities.

Before making a final decision on which card you should use, consider your immediate requirements, future aspirations, and the unique advantages each card brings to the table. Ask the customer care representative if there are any exclusive benefits like travel insurance or rewards programs for the cards at the time. Whether you only need it for withdrawing cash weekly and shopping at the local market or for purchasing things online and making international payments, having the right card determines how easy things can be for you.