Payments Innovation

InstaReM Rebrands To Nium, Launches Open Money Network

Digital cross-border payments provider InstaReM has announced that it is rebranding to become part of Nium, the first global payments platform that allows businesses to send, spend and receive money from around the world.

Backed by investors including Vertex Ventures, Fullerton Financial Holdings, Rocket Internet and MDI Ventures, InstaReM is currently regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, processing billions of dollars a year for banks, payments institutions and retail users around the world.

Founded by the team that created InstaReM in 2014, Nium is used to create a wide range of payment services grouped into three categories: send, spend and receive. Companies working with Nium have the chance to become members of “The Open Money Network,” a digital collective of financial institutions, FinTechs, eCommerce platforms, travel companies and online marketplaces. In addition to using the platform for payment transactions, members will also be able to build new products and services without legacy system constraints.

Nium is one of the first organizations to partner with Visa’s FinTech Fast Track program in the EU, Australia and the Asia Pacific region.

“As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform,” Prajit Nanu, co-founder and CEO of Nium, said in an emailed press release. “We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe. To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to Nium. We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions — a true world of Open Money.”

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW