This announcement comes from The Paypers and speaks to a coming product offering based on collaboration between several players. We all know Visa, and the other participants are Fuiou Pay, a Shanghai-based fintech with payments solutions for POS, online payment, prepaid cards, convenience store payment, money transfer, and account products, along with Nium, a 2017 Singapore startup with a global payments platform.
The collaborative effort seems to be mostly targeted towards Chinese enterprises that are seeking to expand e-commerce globally.
“Through the partnership with Visa and Nium, Fuiou seeks to create global payment products and solutions for cross-border ecommerce, 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:
- 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 24×7.
- 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.
- 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.“
We have pointed out the x-border focus and innovation globally, both here and in research, which seems to be accelerating during the past 18 months, so expect many other announcements of collaborations. This is coming in the form of blockchain, cryptos, fiat, and combinations thereof.
“In addition to the booming cross-border ecommerce 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.“
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group