- Ripple News Today: Nium Has Partnered with Visa to Facilitate Instant Payments to Indonesia
- Nium/Visa Partnership Happened After the MoneyGram Suit
According to reports, the latest Ripple news is about another member of RippleNet that has boosted its global presence. This Ripple-based solution is Nium. The new arrangement with Visa Direct will ensure that Nium facilities remittances to Indonesia. According to the Ripple news, the scheme came to life after Nium got a license from the Bank of Indonesia. This latest Ripple news comes after money transfer behemoth MoneyGram benefited from a partnership with Ripple. MoneyGram uses Ripple’s On-Demand Liquidity product (formerly known as xRapid) along with the XRP crypto. Now, another RippleNet member Nium is boosting its coverage.
Nium/Visa Partnership Happened After the MoneyGram Suit
Earlier, it was reported that MoneyGram collaborated with Visa to create a system for Visa Direct. They launched a P2P debit card service as well, which is only used in the United States. Nium, a firm that first launched in Singapore, has teamed up with Visa Direct. Before the collaboration, Nium got a license from the Bank of Indonesia. The purpose of the license was to give them the go-ahead to facilitate wire payments in the region. The arrangement made Nium the first fin-tech firm that offers remittance services in the South East Asian region. The service wires money to users’ bank accounts directly using Visa.
Here is what Nium’s CEO, Prajit Nanuet, had to say regarding the new arrangement:
“At Nium, we know that both individuals’ and businesses’ must receive their money quickly, particularly in markets where there are no instant payment solutions like IMPS or FAST. This partnership allows us to use Visa’s push payment solution. It offers us a secure network that will let our users transfer money faster, securely and more conveniently. “
Speaking on behalf of Visa, Kunal Chatterjee, the company’s chief in Singapore, had this to say:
“Nium is now the first Fintech partner coming from Visa’s Fintech Fast Track program to offer real-time remittances with Visa Direct, our push payment solution.”
In a recent interview, Brad Garlinghouse, Ripple’s Chief cited a phone call from MoneyGram’s Alex Holmes. Garlinghouse said Ripple’s On-Demand Liquidity’s expansion was too slow and suggested that more corridors should be added to the initiative.
XRP (XRP) Price Today – XRP / USD
Name Price 24H % $0.433
Currently, MoneyGram offers its funds’ transfer services to Mexico. It does this via the Bitso cryptocurrency exchange using Ripple’s XRP. MoneyGram’s chief admitted that using On-Demand Liquidity works like magic. According to him an impressive 10% of the cash flow into the country (Mexico) is conducted through XRP.