Nium expands partnership with Thredd

Thursday 25 April 2024 10:31 CET | News

US-based payments provider Nium has announced the expansion of its collaboration with Thredd aiming to issue virtual cards in the Asia Pacific (APAC) region. 

The move follows the current environment where global B2B travel transaction volumes are expected to reach nearly USD 1.7 trillion by 2027, as highlighted in Thredd’s latest report. Additionally, the APAC region is set to become the fastest-growing market, with it being projected to reach USD 480 billion by the same year. Nium’s virtual cards are leveraged by travel intermediaries to pay hotels, airlines, and other worldwide travel suppliers, with the product delivering increased security, efficiency, and reduced costs.

US-based payments provider Nium has announced the expansion of its collaboration with Thredd aiming to issue virtual cards in the Asia Pacific (APAC) region.

By implementing Thredd’s APIs into its single platform for instant global payments, Nium was able to accelerate transactions when issuing and loading virtual cards in approximately 30 countries around the world. Being authorised by Visa and Mastercard to process credit, debit, and prepaid card transactions globally on one platform, through the collaboration, Thredd also allows Nium to expand acceptance rates and guarantee card scheme protection for its travel intermediary customers. Since the start of their partnership in 2018, the two companies issued nearly 86 million virtual cards globally, as per their data.

Nium – Thredd collaboration objectives 

Enabled by Thredd’s processing capabilities, Nium introduced local issuing in Singapore as part of its strategic advancement in B2B travel payments across APAC. Since the beginning of 2023, the company increased its APAC travel customer revenue, while seeing a 75% expansion in virtual card transaction volumes in the region. According to Thredd’s officials, the APAC region provides significant opportunities for global travel intermediaries that intend to improve services for consumers and accelerate the growth of the global travel industry. Via its collaboration with Nium, the company aims to support this ecosystem, while also working on its development strategy.

Furthermore, representatives from Nium underlined that travel intermediaries and their hotel partners are currently required to minimise costs while maintaining an enhanced customer experience. By leveraging virtual cards, companies are set to improve cash flow for their hotel partners, while also driving improved prices and deeper connections with consumers. By utilising Thredd’s technology, the company plans to continue to meet the evolving needs of the travel industry worldwide and expand its capabilities.

More information about Nium

Real-time, cross-border payments provider Nium is committed to improving the overall global payments infrastructure, with the company delivering its services to banks, fintechs, and businesses and allowing them to collect, convert, and disburse funds internationally. Currently, the company’s payout network supports 100 currencies and operates across 190 countries, while its card issuance business is available in 34 regions.

For more information about Nium, please check out the company profile in The Paypers Company Database.

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Keywords: partnership, online payments, B2B payments, travel payments, expansion, customer experience, virtual card
Categories: Payments & Commerce
Companies: Nium, Thredd
Countries: Asia
This article is part of category

Payments & Commerce




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