Paga is a Nigerian fintech that has been in operation for 13 years and this launch is for both virtual and physical cards. Because Nigeria is Paga’s largest market and there has reportedly been demand from its customers for virtual cards, the company decided to offer the Naira virtual cards first. Users must update their apps and submit applications to obtain these cards; the Company claims that this procedure takes under a minute.
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According to Paga, its virtual cards are distinguished by two features. First, any financial institution can provide real-time funding for virtual cards. Each card includes a distinct NUBAN number that enables real-time funding by bank transfers, deposits at bank branches or agents (not just Paga agents), and from any fintech app with interoperability with all financial institutions.
Additionally, each card includes a distinct payment page that enables Paga users to send payment links to friends and family and have the money instantly transferred onto their Paga card. Customers can freeze or unfreeze their cards on the Paga app and receive real-time notifications about transactions on their cards.
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The collaboration between Paga and Visa is not new; the two businesses have already collaborated on several projects for merchant acceptance and issuance. On the introduction of Doroki, a commerce service for merchants that went live in November 2021, both businesses worked together to address merchant acceptance. Additionally, the two businesses joined together to introduce Paga’s direct online card processing service, which eliminated the need for external card processors and increased the dependability of card transactions on Paga platforms.