Heritage Bank signs deal for cardless technology
Heritage Bank has struck a deal with digital banking experts Verve International to install the latest technology in cardless transactions. The new ‘Paycode’ system will be distributed across Nigeria at Heritage Bank ATMs and POS merchants. Paycode will enable Nigerians to take money out from ATMs and pay for goods and services on POS without using their cards.
It’s expected that this system will compliment Heritage Bank’s innovative mobile banking app, outlined in this article. The use of Verve International’s groundbreaking technology showed Heritage Bank MD Ifie Sekibo’s commitment to staying ahead of the pack when it comes to simple, safe and fast banking. Verve International CEO Charles Ifedi said he was excited to announce the collaboration with Heritage Bank because he knew “the convenience that Paycod will create for customers”.
These breakthrough developments in the banking industry will mean Nigerians will no longer have to carry around their bankcards. That means customers would be able to use their smart phones to pay for what they want and withdraw cash from ATMs. Through Verve customers can create a ‘unique Paycode’ via USSD, internet banking or Apps from local bank accounts. You will then receive a Paycode as a text before withdrawing any cash. “We’re all familiar with queues at ATMs and the low ATM per capita coverage in Nigeria, leaving many Nigerians without convenient ways to access funds,” Mr Ifedi said.