Singapore Fintech Partners Visa for Instant Remittances
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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.
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.
Questions & Answers
Q.Which specific markets are currently covered by the new instant remittance service?
Which specific markets are currently covered by the new instant remittance service?
The service currently covers remittances to Southeast Asian markets. These include Indonesia, Malaysia, Thailand, Vietnam, and the Philippines, allowing for instant money transfers to these regions.
Q.How will recipients access the transferred funds with this new service?
How will recipients access the transferred funds with this new service?
Recipients will receive the transferred funds directly into their bank accounts. This is enabled through their 16-digit Visa debit card numbers, utilising Visa’s push payment solution.
Q.What was Nium's original name before this partnership?
What was Nium's original name before this partnership?
Nium was formerly known as InstaReM. The company recently changed its name and has been focusing its efforts on global business-to-business payments, rather than pursuing a digital wholesale banking license.
Q.What type of transfers is this new service designed for?
What type of transfers is this new service designed for?
The service is designed for both peer-to-peer and business-to-business transfers. It aims to address the need for quick money reception, particularly in markets lacking instant payment solutions.