According to a report by PR Newswire, global fintech platform Nium, which runs on RippleNet, has inked a partnership deal with the Visa behemoth.
The partnership will allow Nium to expand issuance of its payment cards to Europe.
Visa to simplify card issuance for Nium
The fintech company Nium allows companies to issue cards under their brand names. This card solution was first launched in Australia, but on July 14, Ripple partner Nium announced its partnership with Visa to expand this service to Europe and publicize its serious intentions to implement its product on a global scale.
The card solution offered by Nium allows companies to issue cards under their brands, thus ensuring cost efficiency and productivity when it comes to payments.
Visa will help Nium conduct all processes related to card issuance in one place (which is typically done by several companies) and reduce the costs of issuing cards.
Digital payments through tokenization
Thanks to Visa, Nium cards will ensure real-time wires via both physical and virtual Visa cards (both debit and credit) and to pay salaries via these cards.
Companies will be able to offer their customers and workers digital payments via tokenization. It can be used for purchases in stores, online payments and at ATMs.
Nium runs on Ripple
Nium has been a RippleNet customer for a while now, and it can send money to over fifty countries, according to the CEO.
Around sixty percent of the company’s customers are financial institutions—mostly banks—while the other forty percent of its clients are corporate customers.
Thanks to Ripple, Nium was able to set up payment corridors from North America and South America to several countries in Southeast Asia.