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Fuiou Pay, Visa and Nium Join Hands to Launch Global Business Payment Solution

·5 min read

HONG KONG, July 19, 2021 /PRNewswire/ -- Fuiou Pay (Fuiou) recently launched a B2B global payment solution with leading global digital payment company Visa and open bank Nium in Hong Kong. This new product launch is another breakthrough since Fuiou and Visa started collaborating on B2B payments in Greater China.

Nium Logo (PRNewsfoto/Nium)
Nium Logo (PRNewsfoto/Nium)

Fuiou, Visa and Nium share a common goal in bringing better commercial payment experiences to enterprises in Greater China. Leveraging Visa's strong commercial payment solutions and its global network, Nium's card issuance support and Fuiou's technical service capabilities, the three parties have joined hands to develop a safe and seamless payment tool for enterprise users in Greater China and Global.

Since the pandemic, small-and-medium enterprises (SMEs) have continued to receive more attention and support from governments in many countries as their business have been heavily impacted. However, the complex demands that SMEs have on payments and business operations are hardly satisfied by large institutions.

Through this collaboration with Visa and Nium, Fuiou seeks to create global payment products and solutions for cross-border e-commerce, advertising, overseas education and cross-border travel, among other major payment categories, and offer the following services to different sectors across a wide range of payment scenarios:

  1. Card customisation: users can tailor their payment cards based their needs, including the customisation of payment scenarios, regions, the period of time for actual usage, etc. The card allows users to handle funds online 24x7.

  2. Multi-format support: the card is compatible with all different operation platforms for both B2B and B2C users. Proven solutions are available for API connection, risk control rules, etc.

  3. Service support: as Visa's B2B partner and Nium's project manager, Fuiou focuses on its customers' experiences in payment and technology. Exclusive communication channels are provided to different customers to ensure their payment issues are addressed in a timely manner.

The world is getting more inter-connected under the influence of various factors, and this cooperation among the three parties is a great example of this. In addition to the booming cross-border e-commerce industry, as well as those enterprises along its upstream and downstream industrial chains, the three parties have also kept track of the recovery of the aviation and travel sectors and the demand of global enterprises in relation to payments for international purchases. With the bridge built by Visa, Nium and Fuiou, this brand-new business payment solution can expand the reach of B2B payments, narrow the gap between small enterprises and their suppliers, and make cross-border payment easier and more accessible.

Maaike Steinebach, General Manager Visa, Hong Kong and Macau, said: "Halfway through the pandemic last year, only 4 in 10 small-and-medium enterprises (SMEs) in Hong Kong are selling online. Today more than 3 in 5 are engaged in eCommerce.[1] The ability to make and receive simple, fast and secure digital payments, and integrating that to overall business operation, is crucial. Visa is excited to partner with Fuiou and Nium to enable small businesses to bring such comprehensive B2B payment solutions to SMEs in Hong Kong region, Greater China and beyond."

Yiqun Zhang, Fuiou Payment President, said, "We want to thank Visa and Nium on co-developing this business solution. We really appreciate Visa's product innovations and unswerving support to Fuiou's internationalisation strategy. Thanks to that, we are able to offer more innovative products and services to SMEs and micro businesses. We are deeply impressed by Nium's efficient teamwork and all-function technical capabilities. As a third-party payment service provider in China, Fuiou is committed to better services to merchants, especially SMEs and micro businesses. We have been doubling our efforts on FinTech exports in recent years, hoping to export our capabilities to a greater extent. Cross-border payment and FinTech exports have undoubtedly enlarged the reach of our services. We wish to proceed with innovation and cooperation with Visa and Nium in more dimensions and in more countries and regions in the days to come."

Prajit Nanu, Co-founder and CEO of Nium, said: "This collaboration with Fuioupay and Visa is a great example of how three forward-thinking companies can come together to create seamless solutions that empower global businesses. This partnership heralds our commitment to continue innovating and finding new ways to provide businesses with unique and convenient payment solutions that help them scale."

[1] 2020 The Visa Back to business Study

About Fuiou Pay

Fuiou Payment is a technology-driven payment company with full licenses from China which provides technology, service and solution for global mobile payment. We actively develop overseas markets, contributing to provide localized payment solution for overseas partners. Fuiou Payment strictly controls security verification in every payment step and is in compliance with the highest industry security standards.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.visa.com.cn.

About Nium

Nium is a global B2B payments platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium is a leader in its geographical and payment service breadth, owning licenses in the world's largest and fastest-growing economies. Our modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks.

Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world. For more information, visit: http://www.Nium.com.