- Long-standing RippleNet partner Nium has entered into a partnership with Visa.
- The aim is to process fast cross-border payments at low cost.
Ripple provides payment solutions that enable cross-border transactions to be processed quickly and at low cost. Ripple has a partner network of over 300 companies. The long-standing Ripple partner Nium has entered into a cooperation with the tech giant Visa.
Nium cooperates with Visa
Nium is a digital payment platform that provides real-time cross-border payments in Southeast Asia. The company has announced that it has entered into a partnership with Visa. This will allow users to make real-time money transfers to Visa debit cardholders across Southeast Asia in real time.
The company continues to execute:
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.
The payment solution should be able to be used for both peer-to-peer and business-to-business transfers. In the first phase of implementation, transfers can initially be made to the Asian countries Indonesia, Malaysia, Thailand, Vietnam and the Philippines.
The company’s founder and CEO, Prajit Nanu, describes that in these countries in particular it can be vital that transactions are carried out in real time:
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, explains that Nium is the first Fintech partner in Visa’s Fintech Fast Track program to offer real-time transfers through Visa Direct’s push payment solution.
Demand for real-time payment services growing
RippleNet now has 300 members who are all interested in using Ripple’s payment software. This development clearly shows that the demand for cross-border payment transfers continues to grow.
Ripple announced at the Swell conference that in October of this year as many transactions were handled through the XRP Ledger as last year. MoneyGram is so pleased with the results that 4 more payment corridors will be opened in the next few months.
The price of XRP has been trending sideways (+ 0.08%) for the last 24 hours and is at USD 0.2734 at the time of writing.