In a recent development, a press release by Nium Pte. Ltd., as published by Finextra reveals that the company will be partnering with one of the world’s financial giants, Visa. As a result of this partnership, VISA debit cardholders in Southeast Asia will be able to receive monies sent to them in real-time, using Visa Direct.
As of the time of the press release, the system is already live in Singapore, with a promise to initialize in five other Asian countries in its first phase.
Nium Partners Visa, Making Cross Border Payments In Southeast Asia Superfast
Formerly InstaReM, now Nium is one of the early adopters of the Ripple’s XRP-powered cross border payment solutions, On-Demand Liquidity (ODL).
As per the report, Nium will now be partnering with Visa to further its cause of an instant cross-border payment to people and businesses in the Southeast Asian users.
At the moment, this service is active in Singapore. It plans to include Indonesia, Malaysia, Thailand, Vietnam, and the Philippines in the first phase of this project. When this is completed, cross border payment transfers between people or businesses will significantly improve.
Speaking on the new development, Prajit Nanu, co-founder, and CEO of Nium said;
“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. 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.”
In confirmation to that, Kunal Chatterjee, who is Visa’s Country Manager for Singapore and Brunei also said;
“Nium is the first Fintech partner from Visa’s Fintech Fast Track programme to deliver real-time remittance using our push payment solution Visa Direct. From our survey findings, more than half of respondents usually send international money transfers to either their personal or loved ones’ bank accounts and one of the most important factors they look at is for money to be transferred in real-time. Given that our domestic transfer solutions are already real-time using the FAST infrastructure, it is important to provide consumers with the same speed and efficiency for cross border international transfers. We are pleased to work with Nium to leverage Visa’s global payments network to bring this seamless and secure payment experience to consumers in this region.”
This new partnership could open more use cases for XRP in more countries as Ripple continues to deliver on its mission to making cross border payments easier than ever.