Interswitch launches Verve card in Uganda

Tuesday 10 November 2015 | 10:57 CET | News

Digital payment service provider Interswitch Uganda is set to launch new ATMs and Point of Sale (POS) terminals. CEO Olumuyiwa Asaagba said Interswitch will be introducing a new card known as Verve, which he said is more secure than the current cards being used by various banks in the region.

The Verve card is an e-payment card powered by InterSwitch with chip-and -PIN features, which make unauthorised use of the card impossible. These features provide security for all electronic banking transactions.

The CEO said East Africa’s ICT sector is developing but this has come along with challenges in terms of financial fraud. Asaagba said the new card has a microchip in the front section, making it more secure, as data stored on the chip is encrypted. This is unlike the old debit cards that had a magnetic strips on the back for storing data.

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