Singapore – Nium, the global platform for modern money movement, has acquired Socash, a Singapore-based alternative payments network platform in a definitive agreement. The acquisition provides Nium with the team and technology to enable multiple forms of local payment acceptance for digital commerce, especially in emerging markets. 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.
Socash brings together financial institutions and digital commerce merchants into a thriving network that allows consumers to deposit, withdraw, and make payments with cash from more than 30,000 local shops, cafes, and grocery stores.
Together, Nium and Socash become the full-stack, platform-of-choice for global merchants with capabilities for local acceptance, multicurrency accounts, foreign exchange, and global payouts.The acquisition is expected to close in third quarter of 2022, subject to customary regulatory closing conditions.
Pratik Gandhi, co-founder and COO of Nium, said that the Socash team has built an impressive platform that bridges payments in the digital space with payouts in the physical world.
“When compared to current in-app payment costs, we estimate Socash saves up to 30 percent in commissions paid. With this acquisition, Nium can offer a lower-cost payment processing alternative for digital merchants, spanning local payment acceptance through to global payouts,” Gandhi said.