In a strategic move to capitalize on the burgeoning demand for virtual payment solutions in the B2B travel sector, Nium, a leading fintech company specializing in real-time cross-border payments, has expanded its partnership with Thredd, a premier payments processor, to bolster the issuance of virtual cards throughout the Asia Pacific (APAC) region. Nium’s virtual card technology has been widely adopted by travel brokers, enabling secure and efficient payments to a network of global travel providers, including hotels and airlines. The use of virtual cards offers enhanced security, superior efficiency, and reduced costs compared to traditional payment methods.
Recognizing the significant growth potential in the APAC region, where B2B travel transactions are expected to reach $480 billion by 2027, Nium and Thredd have joined forces to provide a comprehensive solution that addresses the evolving needs of the travel industry. By integrating Thredd’s robust APIs with Nium’s platform, the payment process has been significantly accelerated, with transactions now taking as little as 200 milliseconds for issuing and loading virtual cards across nearly 30 countries. The platform’s certification by both Visa and Mastercard underscores its ability to handle various card transactions worldwide.
Beyond the issuance of virtual cards, Thredd also supports Nium in boosting card acceptance rates and ensuring card scheme protections, critical elements for travel intermediaries. Since the initiation of their collaboration in 2018, Nium and Thredd have collectively issued over 86 million virtual cards globally. Nium has also made a strategic move to initiate local card issuance in Singapore, marking a significant step in its plan to expand its B2B travel payment solutions across the APAC region. This expansion has resulted in a doubling of travel customer revenue and a 75% surge in virtual card transaction volumes in the region over the past year. Nium’s commitment to redefining financial transactions in the travel industry through innovative and secure payment solutions is evident in its continued growth and strategic partnerships.
The collaboration between Nium and Thredd is a testament to the growing adoption of virtual cards in the B2B travel sector. As the industry continues to evolve, the demand for secure, efficient, and cost-effective payment solutions will only increase. Nium and Thredd are well-positioned to meet this demand and drive the future of B2B travel payments in the APAC region and beyond.
