SINGAPORE, April 23, 2024 /PRNewswire/ -- Nium, the global leader in real-time cross-border payments, today announced the expansion of its partnership with Thredd, a leading global payments processor, to issue virtual cards in the Asia Pacific (APAC) region.

Nium's virtual card solution is used by travel intermediaries to effectively pay hotels, airlines, and other global travel suppliers with enhanced security, efficiency, and reduced costs. The expansion comes as global B2B travel transaction volumes are projected to reach $1.7 trillion by 2027, according to Thredd's latest report, with the APAC region the fastest-growing market expected to reach $480 billion in the same year.

By integrating Thredd APIs into its single platform for instant global payments, Nium has been able speed up transactions to 200 milliseconds when issuing and loading virtual cards in nearly 30 countries worldwide. Certified by Visa and Mastercard to process credit, debit, and prepaid card transactions globally on one platform, via the partnership Thredd also enables Nium to increase acceptance rates and guarantee card scheme protection for its travel intermediary customers. Together, the fintech duo have issued 86 million virtual cards globally since 2018.

Powered by Thredd's global processing capabilities, Nium has successfully launched local issuing in Singapore as part of its strategic expansion in B2B travel payments across APAC. In the last 12 months, Nium has doubled APAC travel customer revenue and seen a 75% increase in virtual card transaction volumes in the region.

"APAC presents a substantial opportunity for global travel intermediaries that will in turn spur robust competition, a boon for consumers, and accelerated growth for the global travel ecosystem. Fuelling this unmistakeable growth is the rise of innovative B2B travel payment solutions, like that offered by Nium. Our long-standing collaboration is a great example of how fintech partnerships are propelling other industries forward," said Jim McCarthy, CEO at Thredd.

"With a world of travel options now available in the palm of your hand, travel intermediaries and their hotel partners are under increasing pressure to reduce costs whilst maintaining a compelling customer experience. Virtual card payments are a game-changer for the travel industry, enabling intermediaries to improve cash flow for their hotel partners, in turn driving better prices and deeper connections with consumers. With Thredd's technology, we can continue to meet the evolving needs of the travel ecosystem on a global scale, now and in the future," said Spencer Hanlon, Global Head of Travel Payments at Nium.