- The firm’s Southeast Asia customers can make real-time transfers to Visa debit cardholders using Visa Direct.
- Visa said that the funds sent through Visa Direct are approved in 30 minutes or less.
Nium, a cross-border payments startup and RippleNet member, said that it’s going to be partnering with Visa. According to a press release, the firm will enable its users in Southeast Asia to make real-time transfers to Visa debit cardholders.
Nium payments will be routed via Visa Direct – a push payment platform. This will allow Visa debit cardholders to send and receive remittances using their debit card number. Visa said that the funds sent through Visa Direct are approved in half an hour or less.
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.
Kunal Chatterjee, Visa Country Manager for Singapore and Brunei said about Nium:
Nium is the first Fintech partner from Visa’s Fintech Fast Track program 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.[3] Given that our domestic transfer solutions are already real-time using the FAST infrastructure, it is important to provide consumers 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.
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