Bano and Nium to enhance digital payments for international students in Australia
This partnership enables Bano to expand its current digital financial service offerings for digital-native young Australians and international students in Australia
MELBOURNE, 6 September 2021 – Australian fintech Bano has partnered with leading global payments platform Nium to expand their digital payment offerings, which are designed to support digital-native young Australians and international students. The partnership comes as the Australian government announces plans for the rapid recovery of the nation’s $40 billion international student sector.
Through this partnership, Bano will integrate with Nium’s next-generation financial services platform to offer card and payment services through the Bano app – an all-in-one app designed to simplify digital payments and investment services. The app gives customers access to e-wallets, cross-border payments, multi-currency accounts, Australian and international share trading, and other financial services. By integrating with Nium’s platform, Bano can now offer customers physical cards as well as virtual cards via Apple Pay and Google Pay.
Frederick Crosby, Chief Revenue Officer at Nium, said, “We are delighted to support Bano as they rapidly scale their digital payment offerings across the country. Like Bano, we understand how important it is for young people to have access to seamless financial services – particularly international students. We look forward to working together in our shared mission of bringing fast and light payment experiences to more people across Australia.”
Bano cards issued to Australian-based customers can be used in over 200 global markets and at 70 million merchant acceptance locations worldwide, wherever there is a Visa acceptance mark.
Anthony Jones, Head of Innovation and Partnerships for Australia, New Zealand and South Pacific, Visa, said, “We are thrilled to be part of this mission to provide international students and young Australians with seamless and secure digital payment experiences, with a card that can be used anywhere Visa is accepted. This is truly an exciting time for fintech in Australia and Visa is proud to support new innovations that simplify, yet enhance, the way we pay.”
Paul Reynolds, Chief Operating Officer at Bano, added, “Nium is the perfect partner for Bano, as we see them as an innovative and scalable fintech platform. With Nium’s help, we can deliver an extensive range of financial services through a single app, providing our young customers with the best digital payment experience they demand and deserve. We are excited to continue this partnership and introduce further payment innovations for our customers into the future.”
Nium’s card solution will enable Bano to:
- Start issuing cards to customers in as little as four weeks
- Issue virtual or physical cards for customers in Australia that can be used anywhere Visa is accepted
- Enable its customers to manage cards, spend limits and more, all through one app
Bano customer cards can be accessed and managed via the Bano app and can be used for a variety of payment needs – such as merchant payments, online purchases, paying bills, university fees, and split bills. Bano and Nium are looking forward to extending their deep co-operation to bring more innovative and cutting-edge features to Bano’s customers.
Nium is a leading B2B financial services technology platform that seamlessly connects businesses to the world’s payment infrastructure with a single API. Nium’s modular platform removes the complexity from global payments and allows banks, payment providers, travel companies, and other businesses to embed financial services, including technologies for pay-outs, pay-ins, card issuance, and banking-as-a-service, in weeks, not months. Once connected to the Nium platform, businesses can collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Nium owns licenses in 11 of the world’s largest and fastest-growing jurisdictions to enable seamless global payments, across geographies.
Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. The company recently became the first B2B payments unicorn from Southeast Asia.
For more information, visit: http://www.Nium.com.
Bano is a fintech founded in August 2020 to provide a bank-alternative for young Australian consumers and businesses. The Bano app combines the best products and services from Australia and around the world. Bano’s features include a free account, real-time transfers (NPP), split-bill payment, BPay, Apple Pay, Google Pay and online payments with enhanced security features. New features available in the coming months include multi-currency accounts, FX, international remittance, and Australian and international shares trading.