Payments platform Nium has formed an alliance to facilitate instant money transfers to customers using Visa debit cards across Southeast Asia.
The service is backed by Visa Direct, the company’s push payments solution. It provides money transfers into recipients’ bank accounts via their Visa debit card numbers.
Nium made the service live in Singapore for peer-to-peer and business-to-business transfers. Customers can make money transfers to Indonesia, Malaysia, Thailand, Vietnam and the Philippines.
Nium co-founder and CEO Prajit Nanu 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.”
A Visa survey found that about one in three respondents in Singapore carry out international money transfers at least once per year.
Also, nearly 49% of the respondents expect their funds to be transferred within a day.
Visa country manager for Singapore and Brunei Kunal Chatterjee 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.
“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.”
In September this year, money transfer service MoneyGram partnered with Visa to leverage Visa Direct for money transfers to debit cardholders.