Saturday, December 12, 2009

INTERSWITCH LAUNCHES VERVE CARD WITHOUT ISSUED CERTIFICATE


The launch of Interswitch Verve card has generated dispute with its competitor ValuCard over the non issuance of certificate to carry out the operation of a secured EMV Chip and PIN card.

EMV is an international e-payment standard developed by Europay, MasterCard and Visa to maximize e-payment security by replacing the current and fraud prone magnetic stripe cards with EMV Chip and PIN cards Chip (EMV).

An interview with Interswitch revealed that the company registered to carry out the operations without receiving the certificate to effectively carry out the operations despite offering the service to some Nigerian banks.

According to Interswitch “We have registered it, but the certificate for this brand is not yet out, but we are the first to register it. Of course you know this is Nigeria. Once you register, the certificate doesn’t come out immediately. You need to wait for that. How I wished we could get it immediately”.

The Chief Marketing and Client Engagement Officer, Interswitch, Mrs Bolatito Adeniyi Aderoju, in an interview regards dispute with ValuCard said they don’t have any dispute with ValuCard.

According to her “We don’t have any dispute with Value Card because we created the name and the brand. The person who came up with the name is a staff of this organisation and we placed it along with other names presented and we took this particular one when we told everybody in the organisation to come up with a name, before eventually adopting the name “Verve” and designed a logo around it”.

ValuCard also claims to be the first to introduce EMV compliant cards. In 2004 following its partnership with Visa International, the company introduced Visa and VPay cards which are EMV compliant.

Reacting to the dispute, the Executive Director, ValuCard, Agada Apoche, said that the they are cautious of discussing matters already in the court and are not contesting for ownership neither do they claim they applied.

According to him, “ValuCard is not willing to discuss the matter because it is pending in the court. ValuCard has not engaged in any unethical conduct and will not. They should show us the certificate they had before launch. When you launch you have been issued a certificate, but because the matter is in the court we will not go into details”.

However, about six million Verve cards have been issued while 12 banks have ordered for Verve cards. The banks are Intercontinental Bank, Nigeria International Bank, Skye Bank, Bank PHB, Oceanic Bank, Ecobank, First City Monumental Bank (FCMB), First Bank, Stanbic IBTC, Unity Bank, Zenith Bank and United Bank for Africa (UBA).

While ValuCard member banks include Skye bank, First bank, Access bank, Eco bank, Oceanic bank, Wema bank, Afribank, Equatorial trust bank, United bank for Africa, Bank PHB, GT bank, Zenith bank, Diamond bank, FCMB,Fidelity Bank, IBTC chartered, Sterling bank, Standard Chartered bank and First inland bank.

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