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Banking & Finance

Nium & Visa partner to provide instant money transfers

Released at: 10:38, 26/11/2019

Nium & Visa partner to provide instant money transfers

Photo: Visa

Two to promote real-time money transfers across Southeast Asia.

by Hung Cao

Nium, a fast-growing digital cross-border payments platform, is enabling users to make real-time money transfers to Visa debit card holders across Southeast Asia, powered by Visa’s real-time push payments solution, Visa Direct.

Nium Pte. Ltd. (formerly known as InstaReM Pte. Ltd.) is the first fintech-based money transfer service provider in Southeast Asia to support instant money transfers into recipients’ bank accounts through their 16-digit Visa debit card numbers. Now live in Singapore, the solution is designed for both peer-to-peer and business-to-business transfers. In the first phase, remittances can be made to various Southeast Asia countries, including Indonesia, Malaysia, Thailand, the Philippines, and Vietnam.

“At Nium, 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,” said Mr. Prajit Nanu, Co-founder and CEO of Nium. “The partnership using Visa’s push payment solution and secure network will allow our consumers to transfer money in a faster, convenient, and more secure way.”

According to a recent Visa survey, more than one in three respondents in Singapore make international money transfers at least once a year. The survey findings also indicate that close to half (49 per cent) of respondents expect their funds to be successfully transferred in less than a day, indicating the need for an efficient cross-border money transfer solution. Singapore has a Vietnamese community of roughly 12,000 people, many of whom are migrant workers who remit money back to their families.

“Remittances are incredibly important for many families here, and in fact, Vietnam is among the top 10 recipients of remitted funds in the world,” said Ms. Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos. “As such, having a fast, reliable, and cost-effective means of sending money isn’t just a necessity from a microeconomic point of view, it also helps to drive the macroeconomy.”

“Nium is the first fintech partner from Visa’s Fintech Fast Track program to deliver real-time remittances using our push payment solution Visa Direct. We’re looking forward to working with them as they continue to develop easy means of remitting funds between Southeast Asian nations.”

Nium is a member of Visa’s Fintech Fast Track program. This program makes it quicker and easier for fintech partners to build and deliver new commerce experiences on Visa’s payments network.

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