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| Moniepoint Verve Card Picture |
Moniepoint does not currently offer a virtual card. Instead, it provides a physical debit card that can be used for both online and in-person transactions. This debit card is issued through global payment processors like Verve, allowing you to make payments at ATMs, POS terminals, and online platforms.
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| Moniepoint Virtual Card Coming Soon! |
A Virtual Card is a type of payment card that's designed to facilitate online transactions only, providing users with a secure and convenient way to make payments without needing a physical card.
As Moniepoint currently does not offer a virtual card as part of its banking services, there are other option you can explore; Moniepoint physical debit card. The Moniepoint ATM Card can be activated and managed through the Moniepoint app. Here are everything you need to know about the Moniepoint debit card.
Moniepoint Card Overview
Activation
To activate the Moniepoint debit card, you can do so directly within the Moniepoint app. After logging in, navigate to the card section and select the option to activate a physical debit card. Follow the prompts, which usually involve confirming your identity and linking the card to your account.
These processes are hypothetical and subject to change if Moniepoint finally extent it card provisions to virtual card offerings. In addition, if your Moniepoint card is lost or stolen, you can simply deactivate the card through the app without any hassle.
Withdrawal Limit
A virtual card usually has a withdrawal limit, which caps the amount of money that can be withdrawn within a specific period. This limit is set to ensure security and prevent fraud. While Moniepoint does not currently have a virtual card, it is expected that if introduced, the withdrawal limit will be specified within the app, providing users with clear guidelines on their spending and withdrawal capabilities.
However, the Moniepoint debit card allows for various transaction limits, but specific withdrawal limits for the virtual card are not applicable since it does not exist. Nonetheless, users can withdraw up to N50,000 at ATMs per transaction and can make multiple transactions daily using the Moniepoint Debit Card.
Login
To access the Moniepoint services, you need to log in to the Moniepoint app using your registered email and password. This provides access to account management features, including card management.
That's to say, when the Virtual Card is introduced, accessing the virtual card would involve logging into the Moniepoint app using your credentials. Once logged in, you can manage your virtual card settings, view transaction history, and perform other related activities. Secure login processes such as two-factor authentication (2FA) might be implemented to protect user accounts and card information.
Transaction Limits
The limit on a Moniepoint virtual card would refer to the maximum amount that can be loaded onto the card or spent within a certain timeframe. This limit helps users manage their finances and ensures the card is used within safe boundaries. If Moniepoint were to introduce a virtual card, the specifics of these limits would be available in the app's card management section.
While the virtual card does not have defined limits, the physical debit card allows users to make transactions at ATMs, POS terminals, and online platforms. Users can enjoy seamless payments, with specific limits set for different transaction types.
Card App
The Moniepoint app serves as the central platform for managing the card. Users can perform various actions such as activating the card, viewing transaction history, setting spending limits, and more. The app would provide a user-friendly interface to ensure easy and efficient management of the Moniepoint cards.
How to Use the Moniepoint Debit Card
To use the Moniepoint card, kindly follow these steps:
- Download the Moniepoint App from the play store or app store, and start by registering an account. Follow this guide to create a Moniepoint personal banking account and here to know the requirements to upgrade to business account.
- Once you've created your account using valid email address and phone number, then you can process to requesting a debit card. However, when moniepoint introduces a Virtual Card, you'll see all the Card Details in your Dashboard. Currently, you can also manage your physical debit card details such as PAN, CVV and Expiry Date in your Moniepoint Dashboard.
- Once you receive your physical card, activate it through the app. You can follow this guide to easily and successfully activate the ATM Card.
Using the Card
After activating the Moniepoint Card, you can start using it for withdrawals at any ATMs nationwide, payments at POS terminals, and online purchases. The card details (such as card number, expiry date, CVV) will be used make the online payments.
Funding the Card is also easy. You can load funds onto the card through your Moniepoint account. You can also set the card to use funds directly from the Moniepoint Balance. However, make sure you monitor transactions and set limits to ensure safe usage. You can simply monitor and manage your card via the Moniepoint Dashboard.
Conclusion
While Moniepoint has launched a consumer app and debit card for personal banking, the focus is on physical cards rather than virtual ones. Users can apply for the debit card through the Moniepoint app and enjoy various benefits, including seamless payments and support for transactions at over 1.5 million businesses.
According to report, Moniepoint has issued over 17 millions verve card. This significant shift is due to changes in consumer behavior and macroeconomic conditions, making Nigerian banks to increasingly issuing Verve cards instead of international ones like MasterCard and VISA.
Furthermore, insights from Moniepoint’s informal economy report reviews that Cards, Most Especially Verve, Dominate Offline Payments in Nigeria and Nigerian Businesses would Rather Save Money on Digital Platforms than Banks. You can learn more about the Moniepoint's Informal Economy Report Here.
In a nutshell, while Moniepoint does not provide a virtual card, its physical debit card offers a range of functionalities for personal banking, including easy activation, transaction management, and support for various payment methods.