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Tuesday, January 23, 2018

The Meaning of Visa, Verve, MasterCard, Naira, Dollar , Debit & Credit Card

Hi folks, thanks for joining me in another edition of the EDESON ONLINE TUTORIALS SERIES. If you’ve been following my Tutorials series, you may recall that last year, I explained the difference between Debit Card and Credit Card. Due to the popular demand from comments on the post for me to explain the meaning of other cards, I decided to come up with this. It is a sequel to the previous edition. In case you did not read
the first part of this tutorial. Here is a snippet of it.

There are two main types of cards, debit cards, and credit cards. Credit cards allow the holder to make purchases on credit, whereas the debit visa card holder needs to have the amount plus some transaction fee in his or her account to be able to make any payment using the debit card. As the name suggests the amount is debited from card holder’s account immediately when the debit card is used. 
This is opposed to a credit card where the cardholder does not need to have the amount he or she is going to spend. As long as the amount is within the ‘credit limit’ of the card the transaction will be carried through and the holder will have to return the money to the card company in installments or in one single payment…


A Nigerian who goes to a bank to apply for a card might be a bit confused as to which one to choose. I was. This is because most banks provide up to 3 options to choose from; Verve, MasterCard and Visa. What is the difference between them all? Which offers the best benefits?

This card was made for the Nigerian market and it is only acceptable 
in Nigeria. The Verve card allows you to conveniently pay for goods and 
services on all ATMs, as well as POS, Web, Mobile, Kiosk, PC POS, Voice 
and bank branches connected to the Interswitch network.

This card is acceptable internationally. With a Visa Card, you can 
pay for things on US websites like Amazon or China based websites like 
Aliexpress. It is also acceptable on most ATMs and for making POS 
payments. It’s also now accepted on Interswitch powered websites like 
Quickteller, Jumia and Konga.

This card is acceptable internationally just like the Visa card.
It’s also accepted locally on interswitch websites like Quickteller, 
Konga and Jumia.

A dollar debit card, in simple terms, is a debit card that does transactions in dollar instead of naira. It is the dollar equivalent of a naira debit card.

While the naira debit card transactions are done in naira, the dollar debit card transactions are done in dollars. A naira debit card is attached to your savings account or current account; but the dollar debit card is attached to your domiciliary account (a foreign currency account).

It is important to note that a customer can choose to apply for a pound sterling debit card or a euro debit card, depending on his/her needs or preferences. Most people open dollar debit card because the US dollar is the most popular currency in the world and transactions done in dollars are easily convertible to other currencies.

I hope you have learnt One or Two things from today’s tutorial. See you again in another edition of the EDESON TUTORIALS. 

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Allbright Ovuchimeru Amadi

Thanks Endy for the information, it was very useful

Endy Edeson

The main difference between VISA and MASTER CARD is that they are owned by different companies.While Visa claims to have 2.4 billion cards issued, across more than 200 countries, MasterCard avoids direct comparison by saying it processes over 18 billion payments per year.

Visa were the first company to provide credit card payments in the 1960s when they were founded by Bank of America.

Mastercard, originally known as Interbank/Master Charge, was created by several California banks as a competitor to the BankAmericard issued by Bank of America

Endy Edeson

@Allbright: Thanks. Sorry to ask this. Are you the same Allbright that usually call radio stations in Lagos especially LAGOS TALKS 91.3fm.

Abubakar Haruna Tambai

Uploaded! Thank you guy

Roseline Yucee Amua

Very instructive. Thanks Endy.

Endy Edeson

@Segun, Haruna, Roseline: Thanks guys for stopping by

Olayemi Fathybaba

Short nd brief, nd so educative tankz bro now I knw d meaning since all diz while even deo I av both d verve nd Mastercard now I knw d difference 👏👏👏👏👍👍👍👍

Oluwatoyin Ability


Endy Edeson

@Ability & Olayemi: Thanks for reading.
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