Nium signs agreement to acquire Socash


Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Nium has announced that it has acquired Socash, which is an alternative payments brand based in Singapore.
  • Socash reaches financial outlets and e-commerce merchants operating online and also allows for cash transfers to take place in person at shops and cafes.
  • “With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance through to global payouts,” said a senior figure at Nium.

Nium, a cross-border payments provider operating globally, has announced that it will acquire an international money transfer provider based in Singapore.

Nium said that it had acquired Socash, which is an alternative payments brand.

Socash is designed to bring together financial outlets and those selling products online.

It also allows customers to deposit and withdraw funds and to make payments at tens of thousands of physical locations such as shops and cafes.

In a press release, Nium shared more details about what it expected to see in the partnership.

It said, for example, that it would mean that Nium had the support to accept lots of payment forms – especially ones that are highly localised.

“The acquisition provides Nium with the team and technology to enable multiple forms of local payment acceptance for digital commerce, especially in emerging markets,” it said.

It also said that the move would help bring cash to the table – cash is used heavily in the target markets of the new partnership.

“Cash is still a preferred method of payment across the Asia Pacific and Latin American markets, and the acquisition of Socash allows Nium to accept cash for transactions online – bridging the physical and digital worlds,” it explained.

It also said that the platform that the two firms would offer would be full-stack in nature.

In a statement, the chief operating officer of Nium praised those behind Socash for creating a platform that is “impressive”.

Pratik Gandhi, who is also the firm’s co-founder, said that the platform brought together real-world and online payments. 

He went on to say that there was significant potential for Socash to cut costs.

“When compared to current in-app payment costs, we estimate Socash saves up to 30 percent in commissions paid,” he said.

He added that the acquisition would mean that Nium’s own cost to its online seller customers would go down – and that the new arrangement would span the whole range of geographical payout levels.

“With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance through to global payouts,” he explained.

There is a lot going on in the online money transfer sector. To get more details about what’s happening, just head over to our reviews pages where you can see all the information you need – and perhaps even find the next provider you intend to use.

Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.