The partnership, using Visa’s push payment solution and secure network, allows consumers to transfer money in a faster, convenient and more secure way.
Singapore cross-border fund transfer startup Nium is partnering with Visa to enable instant money transfers into recipients’ bank accounts through their 16-digit Visa debit card numbers, the firm announced in a press release on Monday.
Designed for both peer-to-peer and business-to-business transfers, the rollout of the service currently covers remittances to Southeast Asian markets like Indonesia, Malaysia, Thailand, Vietnam and the Philippines.
«We understand that individuals’ and businesses’ need to receive money quickly, especially in markets where there are no instant payment solutions like FAST or IMPS,» Prajit Nanu, Nium co-founder and CEO, said in the statement.
Focus on Payments Business
Nium, formerly known as InstaReM, recently nixed plans to pursue a digital wholesale banking license, saying it would focus its efforts on its global business-to-business payments instead.
The firm is part of Visa’s Fintech Fast Track program, which facilitates fintech partners to build and deliver new commerce experiences on Visa’s payments network.
