Interswitch Africa and Discover Financial Services (DFS), a US-based banking firm, have entered a partnership to launch Verve, a payment bank card in Africa. Verve is akin to international payment cards such as Visa and Master Cards. In Uganda, Interswitch has already partnered Fina bank, Cairo International bank, UBA, Global Trust bank, Finance Trust, Orient bank, Imperial and Opportunity bank, to network their banking systems.
Verve, which has a “Chip-and-PIN” payment card technology, is said to be more secure than the magnetic stripe card that is currently in use in Uganda, but also more prone to ATM fraud, according to a statement from Interswitch. Interswtich’s new agreement will now allow Verve cardholders to have access to Discover, Diners Club International and PULSE networks for international purchases and cash access outside their countries.