Travelex taps Visa-backed Nium for digital remittance product launch

Global foreign exchange brand Travelex, in an effort to launch a new digital remittance offering in Asia Pacific, has partnered with Singapore payments service provider Nium.

Photo credit: Donald Trung Quoc Don CC BY-SA 4.0, via Wikimedia Commons

The Travelex International Money Transfer offering will make use of Nium’s global payment rails and real-time payment capabilities. These features allow Travelex users to remit money to more than 50 markets globally.

Consumers can access Travelex’s money transfer service through the the company’s website or through a soon-to-be-released app. Now live in Singapore and Australia, the service is set to be expanded to the rest of Asia in the coming months, according to a joint statement.

Travelex said it will be leveraging Nium’s remittance-as-a-service (RaaS) offering for the platform. Launched last year, the RaaS solution helps companies offer payment services and remittance services on their own digital platforms.

See Also: Nium posts $7.3m in revenue and $25.4m in losses, but margins are improving

“Extending the Travelex digital suite to offer remittance services is a logical next step and continues our focus on digital innovation which includes our market-leading online currency exchange platform, the multi award-winning Travelex Money Card, and a global network of FX ATM’s,” said Travelex’s Asia Pacific managing director, Cameron Hume.