Uganda: Interswitch Unveils Verve Debit Card
Interswitch Uganda, a subsidiary of Interswitch Group a leading digital payment and commerce provider focused on Africa is to unveil new Automated Teller Machines (ATMs) and Point of Sale (PoS) terminals.
The company says they offer a more secure and reliable Chip and PIN ATM Debit card on the East African market.
Addressing the media during the Interswitch unveiling new Brand Identity in Kampala, the Chief Executive officer ,Interswitch, Olumuyiwa Asaagba said Interswitch will be introducing new card Known as Verve which he said its more secure compare to the current Chip and PIN ATM debit cards being used by various banks in the region.
“Verve ATM Debit Card is a secure e-payment card powered by InterSwitch with Chip and PIN (Personal Identification Number) features which make unauthorized use of the card impossible. These features provide security for all electronic banking transactions” he explained to the media in Kampala.
The CEO said Africa and East African region like the rest of the African regions is experiencing robust development in the ICT sector but its development has come along with many challenges where financial fraud star are using the technologies to fraud financial institutions thus the need to come up with new technologies which can protect their customers from financial fraud star.
Verve ATM Debit Card are being widely used widely in most parts of Africa especially in West Africa. According to the Interswitch CEO these cards are very cheap to use compare to other chip and personal Identification Number such as visa cards.
When asked to explain more about the new proposed cards. Asaagba said the new ATM Debit card is equipped with a micro-computer stored in a microchip in the front section of the card, making it more secure as the stored data in the chip of the card is encrypted which prevents cloning of customer’s data onto another card. This is unlike the old debit card that had a magnetic stripe at the back of the card for storing its data.
The card will be convenient in that it allows their clients to use the cards across the region and also across allows one to withdraw cash from any commercial bank connected to the interswicth digital platform.
Commenting on the rebranding of Interswicth Olumuyiwa said the branding will support the interswitch in positioning themselves in the market and sets them up from the competition.
“The bold design clearly reflects the best in class services we provide our customers, our ambitious pan African expansion plans and our relentless pursuit of new and innovative e-payment solution for the Uganda and Africa markets” he explained about the new branding for the leading digital payment platform services provider.
Since the Acquisition of Bankom in 2010 in Uganda ,Interswitch has grown rapidly and consistently in an interbank work network with more than 1.3 million debt cards and over 300 ATM and 400 points of sales terminals located country wide .
The digital payment services providers also has attracted great number of financial institutions which are utilising their digital payment such as post bank Cairo bank among other banks in the country. The head of marketing at Interswicth Uganda Bosco Gateja said using interswitch platforms by commercial banks has lowered the cost of running financial Institutions in the country since commercial banks can now share infrastructure at the point of sales being manned by interswitch Uganda.