Nium, a major player in real-time cross-border payments, has announced an expansion of its partnership with Þriðja, a global payments processor.
The collaboration will focus on issuing virtual cards within the Asia Pacific (APAC) region, aimed at facilitating payments for travel intermediaries such as hotels and airlines.
The move is in response to growing transaction volumes in the global B2B travel market, which are expected to hit US$1.7 trillion by 2027.
APAC, in particular, is projected to reach a market size of US$480 billion due to rapid growth, according to a recent tilkynna by Thredd.
The partnership leverages Thredd’s API integrated into Nium’s platform, enabling rapid transactions, including the issuance and loading of virtual cards across nearly 30 countries in under 200 milliseconds.
Both firms are certified by Visa and Mastercard to handle various card transactions globally, ensuring high acceptance rates and card scheme protections for clients.
Þar 2018, Níum and Thredd have issued 86 million virtual cards worldwide. Their combined efforts have also led to the introduction of local card issuing in Singapore, marking a major step in Nium’s strategic growth across APAC’s B2B travel payment sector.
Over the past year, Nium has reported a doubling in revenue from travel customers in APAC and a 75% surge in virtual card transaction volumes.
Jim McCarthy
“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.
Spencer Hanlon
“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.
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- Heimild: https://fintechnews.sg/94983/payments/nium-thredd-deepen-partnership-for-virtual-card-solutions-in-apac-travel-sector/
