Press Release

	Brief History
	Press Release
	Logo Download
	FAQs

	July 21, 2010 Interswitch Attains Payment Card Data Security Standard Certification (PCI DSS). February 09, 2010 InterSwitch Invests in Nigerian Children’s Education, Initiates CSR Programme. January 04, 2010 Interswitch Receives Honour From Global Atm Association, Becomes Loyal Member.

INTERSWITCH INTRODUCES VIRTUAL AIRTIME TOP UP ON THE MTN NETWORK.

Cardholders can now top up their mobile phones virtually; on any InterSwitch enabled Automated Teller Machine (ATM) and Point of Sale (PoS) terminals in the country. This service is currently available only to MTN prepaid subscribers for now.

The Virtual Top Up (VTU) solution has been activated on the ATMs of some financial institutions which include Access Bank, Fidelity Bank, First Bank, GT Bank, Intercontinental Bank, Skye Bank, Spring Bank, United Bank for Africa, Union Bank and Unity Bank.

In line with its commitment to make life simple by providing unique solutions, which not only add value to businesses in various sectors, InterSwitch is also making life simpler for cardholders. As such it has developed and successfully implemented MTN VTU solution on the InterSwitch network. This means MTN subscribers can now recharge their mobile phones on all InterSwitch enabled ATMs and PoS terminals using their InterSwitch enabled payment debit card or CashCard.

VTU is a solution which is similar to the normal electronic recharge system. It is currently available on ATM and PoS channels. It would be activated on the InterSwitch enabled mobile banking solution, Web and other channels before the second quarter of the year.

With VTU, subscribers who have debit cards or CashCards can purchase MTN airtime from the ATM or POS channels, however instead of getting a paper print-out with the recharge PIN as the current practices, a subscriber’s mobile phone is instantly credited with the appropriate amount within a few seconds of payment and its the first of its kind in Nigeria. The subscriber only receives an SMS confirming the purchase has been automatically loaded unto the phone.

In other words, VTU is an upgrade in the process of airtime loading. Subscribers can load any amount of airtime through VTU from InterSwitch’s channels from as low as N50 to N6000 as long as there are no decimals (e.g. N50.50k), at the recommended retail price. Mrs. Tito Adeniyi-Aderoju, Chief Marketing and Client Engagement Officer InterSwitch, explained that the VTU solution had been widely adopted by some banks as it reduces the time cardholders spend at the ATM while waiting for the print out of recharge PINs. According to Aderoju, the banks are also excited with the solution because cardholders’ mobile phones are instantly credited and need not depend on the availability of the ATM receipt paper anymore. “With VTU there are no charges and cardholders can buy any amount from N50 to N6000. Also it is important to note that with this solution, the cardholder has an option of recharging their spouses, friends and family phones instantly from an ATM or PoS as long as the phone number is an active MTN number,” she explained. In addition, Aderoju said VTU has enabled MTN reduce the number of physical recharge cards printed and thus saved costs of printing recharge cards. “We are all aware that the physical recharge cards have become one of the most visible environmental disposable wastes in urban centres in Nigeria today. VTU is one of the ways we contribute to make the Nigeria clean policy of various governments in the country.” She assured that InterSwitch, an electronic transaction switching and payment processing company with a business footprint that covers the provision of shared, integrated e-payment solutions for financial and non-financial institutions will continue to develop and improve on existing products and services to meet the needs of various industries.
Back to top Back to items menu