The Unified Payment Services Limited (formerly ValuCard) said it is now a third-party processor to MasterCard. Unified Payment is owned by a consortium of 18 Nigerian banks.
With this initiative, a statement at the weekend explained that Unified Payment is now the first Nigerian e-payment service provider in Africa to be a third-party processor for the world’s leading Card schemes; including MasterCard which has a combined global market share of over 65 per cent in transaction volume and value.
The milestone achievement, it said, underscores the company’s drive to be a one-stop shop and a shared infrastructure that truly offers clients electronic payment solutions that cut across different card schemes.
"This is made possible by reason of the strategic position as an option neutral and card neutral payment service provider, that is, the company does not discriminate against any card or payment option," it said.
MasterCard Worldwide is a global payment technology company with over four decades of experience in stimulating commerce globally through its best-in-class dynamic electronic payment solutions.
It offers cardholders innovative payment solutions specific to their individual needs, making payments easier, quicker and more convenient. "With over 34.3 million acceptance locations worldwide, MasterCard introduces customers to a world beyond cash," it added.
Unified Payment, on the other hand, is a Processing, Merchant Acquiring, Switching, Payment Terminal Service Provider and provision of Value Added Services and Solutions company.
The company was the first Nigerian non-financial institution that is a 'Principal and Plus Member of a global Card Scheme and the first Nigerian e-payment Service Provider to be PCI-DSS (Payment Card Industry Data Security Standard) certifiedâˆ™
Unified Payment also pioneered the issuance and acceptance of EMV Chip + PIN cards in Nigeria, which it argued, had led to a reduction in ATM fraud in Nigeria.
The company also, said it enabled Nigerian banks and merchants for them to accept foreign cards at ATMs and Points of Sale terminals.