Interswitch Verve Could See More Adoption in Nigeria
If Visa and Mastercard increase their interchange fees and scale the same in Nigeria, Interswitch Verve may have an opening. I mean, some merchants may just decide not to use Visa and Mastercard cards as they will be more expensive for them. The fact is this: digital payment is expensive despite the seamless experience it offers to customers.
Merchants could face higher credit card transaction fees in April when Visa and Mastercard are expected to raise interchange fees on some purchases, The Wall Street Journal reported. According to documents reviewed by the publication, Visa is looking to increase fees for online transactions at restaurants and Mastercard is expected to do the same for purchases made at smaller supermarkets. Small merchants often ask their consumers to pay with cash to avoid the interchange fees charged by banks, but the pandemic has forced their hand as people now conduct almost all shopping digitally.