Nium, a frontrunner in real-time global payments, is revolutionizing the B2B travel payments sector in the Asia Pacific region by scaling up its virtual card solutions.
This expansion caters to the burgeoning demand for efficient, secure, and cost-effective payment methods among travel intermediaries and operators.
Travel businesses leverage Nium’s virtual card solution to pay global suppliers seamlessly, reaping benefits like optimized capital, lower foreign exchange fees, improved acceptance rates, rapid reconciliation, reduced fraud opportunities, and fortified chargeback protection.
With tourism in APAC poised to surpass pre-pandemic levels, Nium is strategically introducing domestic issuing and funding in key markets such as Hong Kong, Singapore, Australia, and Japan. This enhancement is set to elevate the payment experience for both new and existing Nium customers and complements the 20+ currencies already supported in Europe and North America.
Early adopters like Connexus Travel and Convergent are already experiencing the advantages of local funding and issuing capabilities in Hong Kong. Anupam Pahuja, Nium’s EVP and GM for APAC, Middle East, and Africa, highlights the timely nature of this expansion, providing control and insight essential for travel businesses during the industry’s recovery phase.
The APAC travel market is forecasted to reach $490 billion by 2025, reclaiming its position as the world’s largest regional travel market. Nium, with a track record of over 30 million virtual cards issued in the last year and a fourfold increase in B2B travel revenue since 2021, is well-positioned to support this growth.
Spencer Hanlon, Global Head of Travel Payments at Nium, encapsulates the vision: “Travel is a dynamic industry… yet its payment systems remain earthbound.” He emphasizes the need for innovative payment solutions that can keep pace with the evolving landscape of the travel sector.
Nium’s global presence spans Europe, the Americas, and APAC, with a diverse and extensive customer base. This expansion marks the beginning of a broader innovation journey, with plans for further geographic and product expansion in APAC and LATAM.
Beyond virtual cards, Nium’s suite of fintech solutions includes a closed-loop payment system for airlines and real-time cross-border collections and payouts in over 100+ currencies, making it a pivotal player in reshaping global travel payments.