Paycell to leverage Nium’s business payments infrastructure for international money transfers.
According to a press release today, Paycell, a financial services platform in Turkey, has announced a strategic partnership with Ripple’s partner Nium to offer account-to-account international money transfers for its growing clients.
— Cryptic Poet (@1CrypticPoet) December 12, 2022
Under the partnership, Paycell will leverage Nium’s leading business payments infrastructure to enable its clients to perform fast, affordable, and reliable international money transfers from account to account.
Commenting on the development, Serhat Dolaz, Paycell CEO, said the partnership with Nium comes as users seek innovative ways to conduct international money transfers. Dolaz noted that Paycell’s partnership with Nium is part of an effort to meet this growing need.
“Thanks to Nium’s account-to-account money transfer infrastructure, users can perform international money transfer transactions without paying high commission fees and in a shorter time compared to their alternatives. With 24/7 transaction access, buyers also have instant access to the funds sent to them,” Dolaz said in the announcement.
Notably, Paycell was created by Turkey’s mobile telecommunication company Turkcell. Paycell is a digital payment and financial services platform committed to creating a cashless society using its secure payment solution. The company hit a milestone of 7 million users in Q3 2022. Paycell started as a platform that allows users to pay for different services and products, including utilities, TV, fines, repay loans, etc.
Nium’s Chief Revenue Officer, Frederick Crosby, said in a statement that the partnership shows how its services can be embedded and customized to add value to firms.
“We provide a faster, cost-effective money movement alternative to traditional rails that helps large enterprises increase their topline revenues, and we look forward to growing our relationship with Paycell as their user needs evolve globally,” Crosby added.
Nium Leverages RippleNet in Payments
Nium is among the companies leveraging Ripple’s payment solution, RippleNet, for cross-border remittances. In May, Nium’s co-founder and CEO, Prajit Nanu, highlighted the successes RippleNet has brought to its business.
"RippleNet really helps us globalize faster," says Prajit Nanu, Co-Founder and CEO at @NiumGlobal.
— Ripple (@Ripple) May 29, 2022
According to Nanu, RippleNet helped Nium to strengthen its presence in Malaysia, Australia, and Singapore. He added that leveraging Ripple’s payment solution made cross-border settlements easy, fast, and reliable for users.
In June, TheCryptoBasic reported that Nium partnered with Stellar Development Foundation (SDF) to facilitate fiat payouts to Southeast Asia.