In today’s episode of the ‘Start-up of the Week‘, International Finance will talk about NymCard, which is powering the payment ecosystem of the region of Middle East and North Africa (MENA) and beyond through its tech stack, which allows the client businesses to plug into the NymCard’s 150 plus growing APIs and launch solutions like Prepaid cards, Multi-currency, Charge and Credit cards, and Buy Now Pay Later.
“As Principal Members of Visa & Mastercard, we provide an advanced payment infrastructure that allows you to focus on growing your business while we handle the technical work,” stated the start-up.
Knowing The Company In Detail
NymCard was established in 2018 with the idea of bringing a modern and flexible payment platform that could serve the needs of consumers and businesses in the MENA region.
As of January 2024, NymCard’s payment platform is covering everything from card issuance and programme management to mobile payments and beyond. Its modular approach allows the clients to build their custom workflows as per their business needs.
NymCard simplifies the function of launching payment cards and lets its clients issue Visa/Mastercard credit, charge, and prepaid cards.
On the Prepaid Card front, NymCard’s API allows its users to easily integrate card issuing functionality into the latters’ products, without much complexity. The client venture can customise the design of their payment cards as per the branding needs. NymCard offers two types of cards, prepaid and credit, allowing its clients to choose the option that best fits their customers’ needs.
NymCard also ensures the safety of the cards through its ‘Sophisticated Risk Tools’.
NymCard is taking care of the priorities of the finance industry stakeholders like banks and corporations with an enhanced credit solution for their customers. The venture’s ‘Charge Card’ component provides the user with credit access without the burden of interest payments.
The customers can also control their transactions, update the cards in real-time through APIs and enjoy benefits like low fraud rates and a frictionless user experience.
The prepaid card, for example, takes the game to the next level by offering flexible solutions that let its users create single-use/multi-use cards. The financial institutions which use NymCard’s services to roll out their prepaid cards can provision their products into digital wallets and mitigate the risk of payment fraud while improving adoption rates. They can also create a customised prepaid card product by selecting features and services from NymCard’s modular offering.
Next in line, we have NymCard’s multi-currency offering, which comes with frictionless integration and end-to-end programme management. With NymCard’s Multi-currency as a Service (MaaS) offering, financial institutions and fintech companies can offer their customers a flexible and convenient way to manage their money across multiple currencies. Our platform provides access to a wide range of multicurrency services, including card issuance, payment processing, currency exchange, and more.
NymCard’s APIs allow its clients to integrate into the fintech venture’s platform and offer a comprehensive multi-currency solution to their customers. NymCard’s product offers full treasury management in collaboration with its business partner Fexco (a prominent financial services company), apart from simplifying complex integration processes with plug-and-play APIs.
NymCard is also known for its ‘Wallet Management System’, which is user-friendly and allows for easy control and prioritisation of currencies for internal use.
The venture also helps its clients to maintain control over finances. The FX mark-ups, currency wallet fees, and optional issuer fees, apart from offering easy transaction management services like exchange rate control, transaction history tracking, and integration with exchange houses/third parties.
NymCard is also making the BNPL (By Now Pay Later) game simpler by letting the client ventures access a plug-and-play lending platform that empowers the latter with advanced technology tools and deploys their loan programmes at any sales point.
The venture’s customisable technology enables NBFIs (Non-Banking Financial Institutions), banks, retailers, start-ups, and fintechs to seamlessly offer instant instalments. Be it shorter duration BNPL or longer duration credit, NymCard enables its client financial businesses to offer embedded finance solutions in a risk-controlled and regulatory-compliant manner. Its API-based integration also ensures quick and scalable deployments globally.
Other Services
To make payments simple, efficient, and cost-effective, NymCard has launched initiatives in the fields of V-IBANS (Virtual International Bank Account Number), TaaS (Telecommunication-as-a-Service) and BIN Sponsorship (mechanism allowing fintech businesses to access the payment processing and card management services).
The fintech venture is enabling its client businesses to offer remittance services in over 200 countries, apart from partnering with agent locations around the globe, so that the customers can withdraw into bank accounts, wallets, and cash. The venture is also offering seamless top-up pre-funding accounts with lower cost and time.
NymCard’s state-of-the-art treasury management services have introduced built-in real-time settlement, optimisation and digital wallet services, all within the scope of the existing offerings across different card schemes. The fintech venture also possesses a team of international compliance and legal experts to verify that the client’s financial programmes are meeting the requirements of sponsored banks and card schemes. Following this, NymCard’s onboarding team will help the clients get their programmes up and running.
Apart from all these, NymCard is also providing its expertise in arenas like Youth Banking, Gift, Corporate and Travel Cards.
Whether the client is a financial institution, a fintech start-up or an established brand, NymCard is there to help the business out (on the digital banking front) with its proven fintech tools. Youth Banking helps teenagers with an allowance management tool, which helps them manage, save and make money in a smart and safe environment.
NymCard In News
In August 2023, NymCard joined the Visa Ready to Launch (VRTL) programme, which will simplify the process of issuing payment products for fintech and non-banking organisations, with NymCard’s plug-and-play platform helping the MENA region to transform its payment credential issuance capabilities.
During the mid of December 2023, NymCard announced its partnership with CWallet, a fintech start-up with a Payment Service Provider (PSP) licenced from the Qatar Central Bank. NymCard will now provide technology and services to issue CWallet-branded prepaid cards for CWallet’s customers in Qatar.
The VRTL programme will provide an end-to-end credentials issuance capability, including product bundling, programme management and a scalable tech integration platform through APIs.