Nium acquires alternative payments network platform Socash

Tuesday 26 April 2022 14:44 CET | News

Global platform for modern money movement Nium has announced it acquires Socash, a Singapore-based alternative payments network platform.

The acquisition provides Nium with the necessary technology and team to enable multiple forms of local payment acceptance for ecommerce, especially in emerging markets. On the other hand, Socash gathers financial institutions and ecommerce merchants into a single network that allows clients to make payments, deposit, and withdraw funds with cash from over 30,000 local shops, cafes, and grocery stores.

By acquiring Socash, Nium will also enable online cash transactions, bridging the digital and physical payment worlds. The deal is expected to close in Q3 2022 and is subject to customary regulatory closing conditions.

Through Nium’s global platform, customers have access to over 100 currencies in more than 190 countries and can perform real-time payments in 85 of them. Funds can be received in 27 countries, including Hong Kong, Singapore, India, Australia, and the US, while its growing card issuance business is present in 34 countries.

For more information about Nium, you can check its company profile from The Paypers’ company database here.

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Keywords: online payments, ecommerce, cross-border payments, ecommerce platform, acquisition, digital payments, local payment method, cash, cashless
Categories: Payments & Commerce
Companies: Nium
Countries: Singapore
This article is part of category

Payments & Commerce


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