The focus of the collaboration is to boost Nigeria’s digital ecosystem and facilitate the payment process for Google Play Store applications and services.
The new payment feature will solely be available to Nigerians who use Android devices and Verve cards. To access it, users have to go on the Play Store, select the app they want to purchase and tap on the amount displayed. Then, customers will be prompted to click on an ‘add debit or credit card’ icon and enter their Verve card details.
The process can similarly be initiated by visiting the pay.google.com website. To use this alternative approach, customers have to sign in using their Gmail account, add a payment option, enter their card details, and then save the details. Next, they can access the Play Store and buy the required item.
The transactions now made on the Play Store using Verve cards will purportedly be classified as local, as they will be processed in the local currency.
When commenting on the announcement, a representative from Google emphasised that the introduction of local payments with Verve cards represents a significant milestone, allowing a greater number of Nigerians to engage in the app economy and gain access to the apps they require
Similarly, an official from Verve remarked that the alliance benefits the company's financial inclusion objective and seeks to reduce the digital divide for Verve cardholders.
News of this announcement comes following a series of decisions that have previously limited Nigerians’ access to international transactions. For instance, in early 2022, the United Bank of Africa reduced the monthly international spending limit on Naira cards to USD 20, a decision then also followed by other banks in the country.
Furthermore, in the second part of 2022, Standard Chartered Bank, a prominent Nigerian commercial bank headquartered in the UK, revealed its decision to halt the international usage of its Naira debit card.
However, earlier in 2023, these restrictions started to be lifted. For example, Wema Bank announced that it lifted the embargo on international transactions using Naira cards, a development that allowed customers to freely engage in international transactions and make purchases globally. However, alongside this news, Wema Bank also revealed that it imposed a USD 500 monthly spending limit for international transactions.
The latter decision was explained as part of greater efforts on behalf of the institution to promote responsible expense management and safeguard customers against potential fraud.
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