back Back

Nium signs agreement to acquire Wirecard Forex India

By Leandra Monteiro

July 07, 2021

  • India
  • Nium
Share

Nium, Wirecard, payments platform, foreign currency, Forex, RBI, COVID, digital Nium, a global payments platform, today announced it has signed a definitive agreement to acquire Wirecard Forex India– a foreign currency exchange, pre-paid card, and remittance service provider in India.

Wirecard Forex is licensed by the Reserve Bank of India as an Authorized Category II Money Exchange Dealer (AD II) and the acquisition includes Wirecard’s AD II licence. With this license, Nium can directly engage in a variety of payment services activities across the subcontinent, including currency conversion, money transfer, and pre-paid card issuance.

“We’re seeing an accelerated move to digital payments as companies modernize their infrastructure to capitalize on the post-COVID economic recovery,” said Prajit Nanu, Nium’s co-founder and CEO. “More companies are turning to our global payments stack to embed financial services quickly. This acquisition broadens our licensing portfolio, extends the suite of digital payments services we can offer in India, and provides us with a physical footprint to provide more support in metro areas.”

Nium acquires Wirecard Forex at a time when India’s prepaid card market is expected to boom at CAGR of 40.5% between 2021 – 2026. Driving this growth is an expected increase in adoption by businesses looking for fast and easy payment processing, payment flexibility, and elimination of delays related to reimbursements. And, as consumer spending returns post-COVID, gift cards, meal cards, travel cards, and payday cards will become increasingly popular with businesses and consumers.

“Nium continues to expand its global operations through strategic acquisitions,” added Pratik Gandhi, Nium’s Chief Operating Officer. “Wirecard Forex has extensive reach throughout India and will enable us to deliver next-generation payment services across all major metropolitan cities.”

Wirecard Forex has 23 branch locations in India, including New Delhi, Mumbai, Kolkata, Chennai, Gurgaon, Hyderabad, Pune, and Bengaluru. Post-acquisition, all of its 190 employees will all join Nium. This acquisition, Nium’s second in just over a month after its acquisition of Ixaris, is expected to close in the third quarter of 2021, subject to customary closing conditions, including approval by the local banking control authority. Financial terms of the transaction are not being disclosed.

Previous Article

July 07, 2021

Clearpay launches pulse loyalty programme for customers who pay on time

Read More
Next Article

July 07, 2021

Atom Bank reaches £3bn mortgage completions and £1bn savings mark

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

India

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Finastra taps Databricks to boost AI capabilities & enhance services

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023