Verve, Wema Bank Launch Tokenisation Solution for Mobile Payments

By Adedapo Adesanya

Verve, an African domestic payment cards and tokens company, has launched its tokenisation solution in partnership with Wema Bank to enable eligible customers to make contactless payments using their mobile devices.

The pilot deployment allows Wema Bank customers with eligible Verve cards to tokenise their cards through the bank’s mobile banking application and activate them for Mobile Tap-to-Pay at supported contactless terminals.

Tokenisation replaces sensitive card details with a secure digital token that can be used to facilitate payments without exposing the underlying card information, providing an additional layer of security for digital transactions.

The launch is part of Verve’s efforts to expand secure digital payment options and make its tokenisation capabilities available to other financial institutions across Nigeria.

Commenting on the development, the Managing Director of Verve International, Mr Vincent Ogbunude, said the partnership with Wema Bank marked an important step in expanding secure and convenient payment options for consumers.

“The launch of our tokenisation 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 tokenise 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.

Under the solution, eligible customers can access the Wema Bank mobile banking application, tokenise their Verve cards and enable Mobile Tap-to-Pay.

Once activated, customers can use compatible mobile devices to make contactless payments at supported terminals without presenting their physical cards.

Verve said the solution is also available to other banks across Nigeria, allowing financial institutions to offer customers secure digital payment options as mobile and contactless payments gain wider adoption.

The company said the launch reflects its continued investment in payment innovation and efforts to develop solutions that respond to changing consumer needs and developments in Nigeria’s payments ecosystem.