SINGAPORE, April 23, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced the expansion of its partnership with Thredd, a leading global payments processor, to issue virtual cards in the Asia Pacific (APAC) region.
Nium’s virtual card solution is used by travel intermediaries to effectively pay hotels, airlines, and other global travel suppliers with enhanced security, efficiency, and reduced costs. The expansion comes as global B2B travel transaction volumes are projected to reach $1.7 trillion by 2027, according to Thredd’s latest report, with the APAC region the fastest-growing market expected to reach $480 billion in the same year.
By integrating Thredd APIs into its single platform for instant global payments, Nium has been able speed up transactions to 200 milliseconds when issuing and loading virtual cards in nearly 30 countries worldwide. Certified by Visa and Mastercard to process credit, debit, and prepaid card transactions globally on one platform, via the partnership Thredd also enables Nium to increase acceptance rates and guarantee card scheme protection for its travel intermediary customers. Together, the fintech duo have issued 86 million virtual cards globally since 2018.
Powered by Thredd’s global processing capabilities, Nium has successfully launched local issuing in Singapore as part of its strategic expansion in B2B travel payments across APAC. In the last 12 months, Nium has doubled APAC travel customer revenue and seen a 75% increase in virtual card transaction volumes in the region.
“APAC presents a substantial opportunity for global travel intermediaries that will in turn spur robust competition, a boon for consumers, and accelerated growth for the global travel ecosystem. Fuelling this unmistakeable growth is the rise of innovative B2B travel payment solutions, like that offered by Nium. Our long-standing collaboration is a great example of how fintech partnerships are propelling other industries forward,” said Jim McCarthy, CEO at Thredd.
“With a world of travel options now available in the palm of your hand, travel intermediaries and their hotel partners are under increasing pressure to reduce costs whilst maintaining a compelling customer experience. Virtual card payments are a game-changer for the travel industry, enabling intermediaries to improve cash flow for their hotel partners, in turn driving better prices and deeper connections with consumers. With Thredd’s technology, we can continue to meet the evolving needs of the travel ecosystem on a global scale, now and in the future,” said Spencer Hanlon, Global Head of Travel Payments at Nium.
Download Nium’s latest research on how virtual cards are transforming the travel payments landscape here.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
About Thredd
Thredd is the trusted next-gen payments processing partner for innovators looking to modernise their payments offerings worldwide. Processing billions of debit, prepaid and credit transactions annually, serving over 100 fintechs, digital banks, and embedded finance providers, from consumer to corporate, across 44 countries.
Thredd’s assured solution accelerates the development and delivery of consumer and corporate payments components embedded within digital banks, as well as for expense management, B2B payments, crypto, lending, credit, Buy Now Pay Later (“BNPL”), FX, remittance, and open banking innovators. Thredd has enabled market leaders since 2007 and has a highly reliable platform with 99.99% availability. Thredd’s highly customisable solutions on our API-first platform, surrounded by our in-depth industry expertise, value-added services, global presence, and technical resilience, are designed to scale with ease. Thredd is certified by Visa and Mastercard to process transactions globally.
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SOURCE Nium
