Visa Partners with NymCard to Launch Pioneering Payment Platform
Visa and UAE-based NymCard have introduced a plug-and-play end-to-end issuance platform as part of Visa’s Ready to Launch program.
Visa set up the Visa Ready to Launch (VRTL) program to offer fintech and non-banking entities a seamless experience when issuing payment products. NymCard is the very first participant from the Middle East and Pakistan area to join the VRTL program, and this partnership is set to elevate payment credentials issuance capabilities for fintech through an easy-to-use end-to-end platform within the region.
Launching new payment programs in the fintech and non-banking sectors often encounters numerous challenges. These include establishing partnerships with essential players in the ecosystem, such as Bank Identification Number (BIN) sponsors, issuer processors, Know Your Customer (KYC), and Anti-Money Laundering (AML) partners. Achieving technological, operational, and commercial enablement can be quite problematic, given the fragmented landscape of card enablement.
This is where VRTL comes in. It addresses these hurdles by providing end-to-end credentials issuance capabilities through product bundling, program management, and scalable tech integration platforms via APIs. This process is simplified with the “One Contract, One Pricing, and One Integration” approach, effectively reducing the Go to Market (GTM) timelines, which is a critical consideration, especially for startups. The primary goal of this partnership is to enhance overall capacity and ensure that the onboarding experience for fintech and non-banking entities is swift and user-friendly.
According to representatives from Visa in the UAE, VRTL streamlines the offering of products and services for fintechs, enabling them to swiftly and seamlessly launch payment programs. Furthermore, the program aims to introduce simplified pricing, a unified contracting process, and effortless integration—these factors form the foundation of a rapid launch.
This fintech enablement program is accessible in the Gulf Cooperation Council and North Africa, Levant, and Pakistan regions. There are plans for its expansion into Central Europe, the Middle East, and Africa.
Visa’s program seeks to revolutionise client onboarding for financial services and solutions. It aims to shift from the manual selection approach to a more efficient “One-and-Done” method, featuring pre-designed in-house and outsourced solutions bundles. These bundled solutions encompass card issuance, Buy Now Pay Later (BNPL) services, multicurrency options, and gift cards.
About NymCard
NymCard is a leading payment platform operating in the Middle East and North Africa, empowering businesses to launch various payment offerings, including prepaid, charge, and credit cards, along with multi-currency options and BNPL services.
In June 2023, the company made a significant move by acquiring Spotii, a BNPL company, expanding its range of services to include credit-on-demand offerings for various institutions, including financial institutions, banks, retailers, fintechs, and end customers. This strategic acquisition involved merging Spotii’s technology, customers, and merchants with NymCard’s Banking as a Service (BaaS) and card issuing platform.
NymCard’s commitment to innovation is evident in its partnership with Western Union in October 2022. It enables fintechs and financial institutions in the UAE to facilitate international money transfers through Western Union’s platform.
In conclusion, Visa’s collaboration with NymCard and the launch of the VRTL program represents a significant step towards streamlining the issuance of payment products for fintech and non-banking entities. This strategic partnership simplifies processes, reduces timelines, and provides a more efficient and user-friendly path for startups and financial institutions to introduce payment programs.
