Nium has expanded its B2B travel payments offering in the Asia Pacific (APAC) region, building on a rising demand for virtual credit cards.
As part of the expansion, Nium is rolling out a combination of domestic issuing and funding in Hong Kong, Singapore, Australia, and Japan to further enhance the payment experience for its new and existing customers in APAC.
This will be added to over 20 existing currencies already supported by Nium’s virtual card solution across Europe and North America.
Anupam Pahuja, Executive Vice President and General Manager of APAC, Middle East and Africa at Nium, stated: “In order to capitalise on the exciting growth opportunity at hand, travel businesses need more control, transparency, and insight into the way they make payments around the world. This expansion enables us to deliver just that, at a time when our customers need it most.”
Customer benefits from the Nium virtual card help reduce foreign exchange fees, increased acceptance rates, faster reconciliation, less opportunities for fraud, and better protection against refunds.
The expansion comes amidst a rebound in APAC tourism after the global pandemic. The total travel market in APAC will reach a projected $490 billion in 2025, 10% higher than its 2019 value, regaining its top spot as the world’s largest regional travel market in the same year.
“Travel is a dynamic industry that can enable humans to defy gravity, yet its payment systems remain earthbound,” added Spencer Hanlon, Global Head of Travel Payments at Nium.
“Razor-thin profit margins, tighter regulation, and changing consumer preferences mean online travel agents and intermediaries are increasingly demanding more flexible, secure, and cost-effective ways to pay their suppliers located around the world.
“Our roots as a remittance fintech born out of Singapore, combined with 20 years of travel expertise, means we are perfectly positioned to help our customers solve their unique payment problems with local execution on a global scale.”