Users of Nium, a digital cross-border payments platform, can now make real-time money transfers to Visa debit cardholders across Southeast Asia, including Vietnam, through Visa’s real-time push payments solution Visa Direct, allowing Vietnamese living abroad to make remittance payments faster and with greater ease.
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 to recipients’ bank accounts through their 16-digit Visa debit card numbers. Now live in Singapore, this 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 Vietnam, Indonesia, Malaysia, Thailand and the Philippines.
“At Nium, we understand that individuals and businesses need to receive money quickly. The partnership using Visa’s push payment solution and secure network will allow our consumers to transfer money in a faster, more convenient and more secure way,” Prajit Nanu, co-founder and CEO of Nium, said in a statement.
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 indicated that close to half (49%) of the respondents expected 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.
Visa country manager for Vietnam and Laos Dang Tuyet Dung said in the statement that remittances are important for many families. Vietnam is among the top 10 recipients of remitted funds in the world.
“Nium is the first fintech partner from Visa’s Fintech Fast Track programme 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,” Dung added.
https://english.thesaigontimes.vn/72996/nium-partners-with-visa-on-instant-money-transfers.html
