Indian founded payments unicorn ‘Nium’ Adds Crypto Payment Acceptance to Suite of Embedded Crypto Services for Global Businesses
New Delhi (India), April 6: Founded by Prajit Nanu, Nium has grown from strength to strength as the global platform for modern money movement. It provides banks, payment providers, and businesses of any size with access to global payment and card issuance solutions. Its modular platform powers frictionless commerce, helping businesses pay and get paid across the globe, across more than 100 currencies to over 190 countries – 85 of which in real time.
Nium Crypto Accept allows businesses to accept online payments in crypto, convert crypto to fiat, and settle payments in preferred local currencies
At BITCOIN 2022 (a four day event in Miami featuring the world’s largest gathering of bitcoiners) Nium, the global platform for modern money movement, unveiled Crypto Accept, an API-based solution that enables global businesses to accept crypto payments. Nium Crypto Accept supports Bitcoin (BTC) and Ethereum (ETH) payments at launch, with plans for more currencies in 2023. Online merchants can accept payments in crypto with zero price volatility or risk. Settlement happens next business day in USD or another leading fiat currency – directly to their bank account.
Nium Crypto Accept enables merchants to broaden their customer base and enhance their online payment experiences, while staying protected from the price volatility of cryptocurrency markets. Merchants will begin rolling out Nium-powered solutions later this year.
“Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online,” said Joaquin Ayuso de Paul, Senior Vice President and Head of Nium Crypto. “Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options.”
Nium has partnered with BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, to enable this safe and easy way to embed crypto payments online for thousands of merchants. At checkout consumers will select their preferred crypto wallet and scan a Quick Response (QR) code to complete their transaction. The service verifies availability of crypto funds and settles the transaction promptly in the merchant’s bank account in their preferred local currency.
“BitPay’s partnership with Nium connects our network to the Nium rails to enable a fast, safe, and easy way for merchants to embed crypto payments into their online business,” said Stephen Pair, co-founder and CEO of BitPay. “Together, we’re making it possible for customers to live life on crypto with more options to spend their crypto with the businesses they know and trust.”
This announcement follows close on the heels of Nium announcing the appointment of Dylan Lowrey, to General Counsel. Lowrey joined Nium in 2021 as Head of Regulatory Affairs and Product Law and has helped the company launch new services in complex emerging markets, while expanding the company’s global license portfolio. Lowrey is all set to lead Nium’s legal, regulatory and policy teams and focus on working within regulatory frameworks to expand the company’s global reach.
The launch of Nium Crypto Accept at Bitcoin 2022 also follows Nium’s announcement of a comprehensive suite of Crypto services accessed via API. The company’s first service, Crypto Invest, allows financial institutions to offer their customers the ability to buy, sell, and hold the most popular digital currencies from their financial apps. For more information on Nium Crypto Services, visit https://www.nium.com/platform/crypto.