Nium, a frontrunner in real-time cross-border payments, has recently expanded its partnership with Thredd, a major global payments processor, to enhance virtual card issuance across the Asia-Pacific (APAC) region. This collaboration aims to streamline payments for travel intermediaries when transacting with hotels, airlines, and other travel suppliers.

The move is timely, as the travel industry is seeing a significant shift in how transactions are managed, driven by the need for more efficient and secure payment solutions. Virtual cards provide an alternative to traditional payment methods by offering enhanced security and better management of cash flows. The partnership between Nium and Thredd leverages Thredd’s robust global processing capabilities to focus on improving the B2B travel payments infrastructure in a market that is witnessing rapid growth and increased transaction volumes.

Data from Thredd’s latest report forecasts that global B2B travel transaction volumes will reach $1.7 trillion by 2027, with the APAC region alone expected to account for $480 billion of this market. The expansion of Nium’s operations in APAC, including the recent launch of local issuing in Singapore, is a strategic move to capitalize on this growth. In just the past year, Nium has doubled its travel customer revenue in APAC and seen a 75% rise in virtual card transaction volumes.

APAC’s vibrant travel sector presents a lucrative opportunity for travel intermediaries, promising not only intense competition but also potential growth within the global travel ecosystem. The enhanced payment solutions offered by Nium, powered by Thredd’s technology, are set to redefine how travel intermediaries engage with hotel partners and, ultimately, with consumers.

The efficiency of Nium’s system, which boasts the ability to speed up transactions to 200 milliseconds when issuing and loading virtual cards, is a testament to the power of fintech innovation in supporting other industries. This synergy between Nium and Thredd highlights how strategic partnerships can harness technology to deliver significant industry advancements.

As the leaders note, such innovation is crucial in today’s market, where consumers increasingly demand seamless and cost-effective travel experiences. Virtual cards stand out as a solution that not only meets these consumer expectations but also enhances operational efficiencies for travel intermediaries. These benefits cascade down the value chain, improving cash flow and potentially leading to better pricing for consumers.

With regulatory licenses in over 40 countries and a network that supports instant payments in over 100 currencies across more than 190 countries, Nium is well-positioned to drive change in the global payments landscape. This expanded partnership with Thredd underscores a shared commitment to reshaping the travel payments industry through innovative, customer-centric solutions.

As the travel industry continues to evolve, the role of fintech in facilitating secure, efficient transactions will undoubtedly increase, paving the way for a more interconnected and streamlined global travel market.