Verve, Africa’s leading domestic payment cards and tokens brand, has launched its tokenization solution in partnership with Wema Bank, with the pilot deployment enabling eligible Wema Bank customers with Verve cards to make contactless payments using their mobile devices.
The launch marks an important step in Verve’s efforts to expand secure and convenient digital payment experiences, while opening its tokenization capabilities to other financial institutions across Nigeria.
Through the solution, eligible Wema Bank customers with Verve cards can tokenize their cards within the Wema Bank mobile banking application and enable them for Mobile Tap-to-Pay at supported contactless terminals. Once activated, customers can use compatible mobile devices to make payments without having to present their physical Verve cards.
Tokenization replaces sensitive card details with a secure digital token that can be used to facilitate payments without exposing the underlying card information. This adds an additional layer of security to the payment experience while giving customers a more convenient way to pay.
Commenting on the launch, Vincent Ogbunude, Managing Director, Verve International, said:
“The launch of our tokenization solution with Wema Bank marks an important step in our commitment to delivering payment experiences that are secure, convenient and aligned with how consumers increasingly want to pay. By enabling Verve cardholders to securely tokenize their cards and use their mobile devices for contactless payments, we are expanding the ways customers can access and use their cards while strengthening the security around digital transactions. We are pleased to begin this journey with Wema Bank and look forward to making this capability available to more financial institutions and their customers across Nigeria,” he said.
Speaking on the partnership, Tunde Mabawonku, Executive Director, Digital Bank, Wema Bank, said:
“At Wema Bank, we are focused on making banking and payments more convenient, secure and relevant to the way our customers live and transact today. Our partnership with Verve to enable Mobile Tap-to-Pay for eligible Verve cardholders is another step in that direction, giving customers the flexibility to use their mobile devices for everyday contactless payments while benefiting from the security that tokenization provides. We are pleased to pilot this capability with Verve and to continue expanding the digital experiences available to our customers.”
For Wema Bank customers with eligible Verve cards, the experience is designed to be straightforward. Customers can access their cards within the Wema Bank mobile banking application, tokenize their card and enable it for Mobile Tap-to-Pay. Once activated, they can use their compatible mobile device to make contactless payments at supported terminals.
The solution is designed to extend beyond the Wema Bank pilot, with Verve’s tokenization capabilities available for other banks across Nigeria. Financial institutions can leverage the solution to offer their customers secure digital payment options and support the growing use of mobile and contactless payments.
The launch reflects Verve’s continued investment in payment innovation and its focus on developing solutions that respond to the changing needs of consumers and the wider payments ecosystem. By combining tokenization with Mobile Tap-to-Pay, Verve is enabling a payment experience that brings together security, convenience and flexibility.
As Verve expands its tokenization capabilities, the company will continue to work with banks and other ecosystem partners to broaden access to secure and convenient digital payment experiences for consumers across Nigeria.