Moniepoint has become a household name in Nigeria’s fintech space. The fintech company is offering reliable POS services, business accounts, expense cards, and digital banking tools for personal and business use. But among these features, virtual cards—which is crucial for online shopping, subscription services, and international payments—are not currently available on the platform.
A virtual cards are digital or online version of bank's physical debit cards. They're designed specifically to cater for online and web payments. Although physical debit cards too can also be used for web purchases but virtual cards are more secure and eliminate the risks of carrying a physical card.
In this guide, we’ll explore the current availability of Moniepoint’s virtual card, discuss realistic expectations, and highlight alternative solutions you can use right now if you need a secure, card-based payment method for online international transactions.
Does Moniepoint offer a virtual card?
Currently, Moniepoint is not offering a virtual cards. Be it dollar (USD) or naira (NGN) denominated virtual debit card, the platform isn't offering any of them. As you can see in the image above, Moniepoint virtual card option is still in "coming soon" stage. It's only it physical debit card that's available for use.
Moniepoint Card-based Payment Method
As Moniepoint virtual card is not currently available, there are other card-based payments you can use on the platform to complete online transactions and payments. The Moniepoint physical debit card is the only Card-based payment that works for online transactions on platforms that accept naira (NGN) as their primary currency in Nigeria.
Other card-based payments that are available on Moniepoint includes cash withdrawal via bank ATM card, POS purchases, card-to-account transfer, bill payments via cards, and checking card balance via POS. In addition to Moniepoint debit card, it can be used for both international and local transactions as far as the platform is accepting naira payments or via Google Play and Apple store.
For example, many international merchants/platforms like Netflix (US), YouTube Premium, Spotify, Apple Music, Alibaba, AliExpress, Amazon, Facebook Ads, and Google Ads integrate with Google Play and Apple Store for their in-app payment which is charged in country's local currency. This is why Moniepoint Debit Cards can works for purchases on international platforms like integrate the collection of in-app payment via Google Play accounts.
To link your Moniepoint Debit Card to Google Account for international payments, login to your Google account via Gmail or visit account.google.com. Go to "Payment and Subscription" and link your card by inputting the card details such as card number, CVV, expiry data, and card PIN.
An OTP code will be sent to your Moniepoint registered phone number, confirm the verification code and your card will be linked successfully as it's shown in the image below.
Once the Moniepoint Verve debit card is added to your Google account, it can be used for international transactions on platforms that integrate with Google for local payments. When you’re ready to make in-app international purchases, select your linked card at checkout, confirm the purchase, and complete any security verification such as OTP.
The payment will be charged directly to that card without you needing to re-enter the details each time. The Moniepoint debit card can also be used for online transactions on e-commerce platforms like Jumia, Temu, Alibaba, Konga, Jiji.Ng, and AliExpress. It also works for TV subscription like GoTV, DSTV, and Startime.
FAQs
Is Moniepoint Card a Visa or MasterCard?
The Moniepoint debit card is neither a visa card nor a MasterCard. It's an expense card issued by Verve, a major payment card issuance in Nigeria. So, Moniepoint Physical card is a Verve Card.
How can I activate Moniepoint ATM card?
We've discussed thr activation of Moniepoint debit card in another article. Click here to access the original contents.
What are the four types of debit cards?
- Visa Debit Cards: These are debit cards issued by bank and fintech companies on the Visa network. It can be issued in virtual form or physical form. The main purpose of the card is to be used for payments at ATM, POS, and online purchases.
- Mastercard Debit Cards: These debit cards are similar to Visa cards but on Mastercard’s network. It's also offered in virtual and physical form and can be used globally for withdrawals at ATM, POS, and online purchases.
- Verve Debit Cards: Verve is a Nigerian/West African card issuance company mainly for local card payments like ATM, POS, and web transactions.
- Maestro Debit Cards: These are Mastercard-owned debit options found internationally. It's less common locally but accepted at many merchants abroad.
How much is Moniepoint ATM Card?
Moniepoint Card issuance fee is N1,000 and the logistics fee is N500. However, if you're getting the card from Moniepoint agent or card sales agent, you'll only be charged an issuance fee of N1000 directly from your Moniepoint balance.
Conclusion
Moniepoint doesn't currently do virtual card business but provide a physical debit cards that accurately replace the need for digital cards. The debit card can used for payments online and physical on ATM and POS. The physical card also works for payment on international platforms that accept naira.
In a nutshell, Moniepoint physical debit card replaces and eliminates the need for a virtual card. The debit card can be used to perform all the functions of a virtual card. The real question lies between why is a virtual card needed when you can actually use it alternative to carryout all its functionalities?
Let's know your opinions about this in the comments section, and don't forget to share on your social media platforms.
