Visa, Verve or MasterCard, which is better?

Visa, Verve or MasterCard, which is better? Is there a big difference between these payment cards? Have you ever wondered why most persons choose a MasterCard over every other payment card?

In today’s article, we shall be answering all of these questions and more. As you read through the article, you will soon understand how these payments card work, how they are issued and the difference between them.

Visa, Verve or MasterCard, which is better?

But before you read further, it is important you note that neither a Visa card, Verve card, nor MasterCard issues payment. They are all categorized as payment processing networks. There is also a payment processing network that exists, such as American Express. But these three cards have become widely accepted by many financial institutions and businesses in more than 200 countries.

What is a Payment Processing Network?

A payment processing network is a digital platform that facilitates accessing money, making payments, and sending funds. Visa Card, Verve Card and MasterCard are all payment networks. They help ensure a swift financial transaction while safeguarding your details.

Banks and Financial institutions partner with these payment networks. The banks issue these payment cards to their customers to facilitate their banking experience. The payment network makes by processing transactions between your bank and the POS terminal or other financial platforms.

Whenever you walk into a bank to create a new account while filling the application form, you are always provided with three options to choose the type of ATM card you need. In the checklist. Which of them do you tick and why? Most persons believe it is inconsequential to the kind of card you choose. They all perform the same function.

As lovely as that may sound, the truth is that not all debit/credit cards perform the same function. Some of these cards have limitations, such as transaction limits and acceptability in most financial institutions.

What is a Visa Card?

A Visa card is a digital payment card that is enabled by the Visa network. When the Visa company began operation, it was formerly known as BankAmericard, and during that period, it had just a credit card as a branch of its card. A few years later, in 1976, it was then rebranded to Visa Card. And it has since the rebranding introduced debit cards, prepaid cards and also gift cards

The Visa company does not directly issue the visa card; instead, Visa cards are issued by other financial institutions in partnership with the Visa company.

Visa as a company is a giant processing network, and thousands of businesses accept all visa cards in over 200 countries in the world.

The Visa company also partners with many merchants via various service agreements. Some of those agreements come in the form of bank transaction fees and visa network charges. When a merchant or a financial institution accepts integrating a visa card into its services, they pay the Visa company a nominal transaction fee for every transaction a customer does use the visa card. These transaction fees are part of the cost for the service Visa Inc. provides.

Whether it’s a debit card or a credit card you use, each of these cards depends on the Visa payment processing to initiate and execute transactions.

A visa card is similar to MasterCard. All visa cards bear a unique sixteen-digit code embossed on the body of the visa card. The 16-digit code ensures that the cardholder stays protected against future fraud.

Pros and Cons of Visa Card

And like every other card, there are no notable disadvantages as compared to the wealth of benefits that come with Visa card:

  • You enjoy extra coverage protection if you hire a car using your Visa card
  • Visa cardholders enjoy emergency assistance whilst travelling
  • Cardholders are entitled to rapid card replacement upon loss of an existing card
  • Prolonged warranties

Types of Visa Card

The Visa company has four different payments cards that use the Visa payment processing network. They include: Visa credit cards, Visa debit cards, Visa prepaid cards and Gift cards

  • The Visa Classic Credit Card: A visa credit card makes it easy for cardholders to make purchases online and physically in a secure manner. With this card, you can make payments of any kind in 200 countries and regions around the globe. This card is accepted in over 38 million payment points, and cardholders can use it for withdrawals in over 1 million ATMs. A visa credit card is issued when a customer is considered creditworthy based on their credit report.
  • Visa Gold card: the gold card is not popular amongst customers. People who use this card enjoy extra flexibility and freedom for their daily expenses. The Gold card has some fantastic benefits: insurance covering your trips abroad, legal protection in cyberspace, and luggage protection.  However, you will have to contact your financial institution for some terms and conditions attached to get this card.
  • Visa Platinum card: the platinum card is designed specifically for customers who spend well above average. It offers some exciting benefits tailored for the needs of these sets of customers. For instance, if you travel very often, you can pay in foreign currency without any extra charge you travel abroad. Some other benefits of visa platinum card include special bonuses, insurance benefits, discount offers, trip cancellation and many other benefits
  • Visa Classic Debit Card: The debit card is what most people call a payment card. With a Visa card, you can access the money in your checking account. Cardholders can use this type of card to make withdrawals, transfers and payments of all sorts. The reason most persons prefer the debit card is that it is an alternative to cash payment. More interestingly, you can keep track of your expenditures anytime using the card’s billing
  • Visa Prepaid card: a prepaid card has nothing to do with a credit or a deposit card account. A visa prepaid card is a card that works based on the money available in your bank account. This means that before any payment, purchase or transaction is carried out, your prepaid card must be recharged.

One benefit of using a prepaid card is that you gain total control of your finances. The available balance is exhausted, you can quickly reload the card at will. Anyone from twelve years and above is eligible to own a Visa prepaid card

  • Gift cards: Both prepaid and Gift cards come stocked with a specific amount of cash. A gift card is also loaded with a predetermined amount of money that cardholders can use for a range of purchases. A typical gift card and the prepaid cardholder cannot spend more than the amount on the card.

What is a Verve Card?

Verve is the first chip card, financial technology and payment portal owned by a Nigerian. Simply put, a Verve card is designed for the Nigerian market.

It is considered the largest payment processing network in Nigeria, with over 25 million cards issued and in use by Nigerians. Verve has penetrated many African countries such as Rwanda, Tanzania, Uganda, Kenya and Burundi. Here in Nigeria, Verve is accepted across all payment mediums in Nigeria.

Verve cards make it easy for people to make payments for goods and services online and in person. In most financial institutions, to get a new verve card, you pay a little token of N1,000 (VAT Exclusive). You also pay the same amount if you want to replace an old or missing verve card. This is also the same for most payment processing platforms.

Benefits of a Verve Card

Here are some benefits you enjoy as a verve cardholder:

  • As a verve cardholder, you get access to your funds within Nigeria. You can pay for goods and services at POS centres or websites in the country.
  • You can make withdrawals from any ATM anywhere in the country
  • Verve cardholders can get the full details of your purchases at any time. Such as merchant name and date of purchase. This is made possible through your bank statement.
  • Verve cards are easy, convenient and portable to use

Features of a Verve Card

Verve cards are accepted in over 100,600 POS terminals, 11,000 ATMs and by over 1,000 online merchants.

  • Verve cards are customer friendly. They are effortless and straightforward to use
  • Verve prepaid cards allow cardholders to spend their money and also manage their spending effectively
  • Every verve card comes built with improved biometric security features such as voice and face recognition and fingerprint.

What is a Master Card?

Mastercard Inc. is a US-based multinational financial services corporation that has been in existence for more than fifty years. They have their headquarters in the Mastercard International Global Headquarters, New York.

The payment processing giant has pioneered digital technology to make online transactions more convenient, safer, and innovative. Mastercard, which was formerly known as Master Charge, was created in 1966. Thirteen years after its creation, it was then renamed Master Card.

There are limitless possibilities that come with owning MasterCard. For instance, a MasterCard holder can access food vouchers, unique airport transferring services, and improved hotel rooms. Master Cardholders can make transactions like Jumia, Quickteller and Kona, including international sites like AlieExpress and Amazon

Like every other card, MasterCard also comes with unique electronic chips, a 3-digit CVV code and a 16-digit card number. These details are meant for you alone, and they shouldn’t be shared with any other person.

Disadvantages of MasterCard

I do not want to think there are any disadvantages to the MasterCard since it is the best payment card for international purchases. The only drawback here is that you may be able to do transactions if the financial institution does not support a master card

Benefits of Using a Master Card

  • Master cardholders sometimes enjoy extended warranties on some items they purchase using their MasterCard
  • Secure transaction
  • Master cardholders are protected against fraud and cyber activities
  • You receive special perks when tr

Similarities between a Visa, Verve and MasterCard

  • All three cards have the same texture. They are built to withstand certain physical conditions.
  • All payment cards are embossed with electronic chips that are unique to every cardholder. To retain your card’s lifespan, you need to avoid putting your card in your back pocket.
  • Every card comes with a unique 16-digit card number and a validity date, boldly printed on the card’s front side. At the same time, the back contains a 3-digit CVV.
  • These payment cards help you perform various transactions effortlessly.
  • They are accepted in every POS terminal across the nation

How does a Payment card work?

Whether it’s an online course, cable TV subscription you want to pay for or transfer money via the ATM or a POS, it is easy with your payment card.

Depending on the payment portal, after slotting in your payment card, the machine will request your unique PIN. After entering your PIN, you will need to select your account type (Savings or Current); you can proceed with your desired action, either a transfer, withdrawal or even check your account balance. 

Choosing the right payment card

From the analysis above, we have seen that there are few differences between a Visa card and a MasterCard. However, there may be slight individual differences such as credit limits, transaction limits and interest rates. They are all determined by the bank or financial institution issuing the card rather than the payment processing network.


I believe by this article, you are no longer confused as to which Payment card is suitable. Your choice of the card should be based on your type of business and transaction. Because to a large extent, these cards share similarities in terms of physical features and design. But when it comes to functionality and usage, the Verve card doesn’t come close to the Visa and MasterCard debit cards.  Verve card is still growing and is gradually spreading across other African countries. It is best used in Nigerian. But for over two decades, Visa and MasterCard have both enjoyed becoming popular and accepted globally.

References – Visa vs Verve Vs MasterCard: Which is best? – Visa Card Definition


Join our Telegram GroupJoin Group