NymCard is the first BaaS player in the Middle East and Pakistan region to join Visa Ready to Launch programme
Visa, the world’s leader in digital payments, has launched the Visa Ready to Launch (VRTL) programme, giving fintech and non-banking entities a seamless experience in issuing payment products.
NymCard is the first BaaS player in the Middle East and Pakistan region to join Visa Ready to Launch programme and transform payment credentials issuance capabilities for fintech through a first of its kind plug and play end to end platform in the region.
Fintech and non-banking entities face many challenges when attempting to launch new payment programmes. Technological, operational and commercial enablement are all difficult to achieve in the marketplace as the card enablement landscape remains fragmented. This means partnership with numerous players in the ecosystem like Bank Identification Number (BIN) sponsors, issuer processors, Know Your Customer (KYC) and Anti-Money Laundering (AML) partners etc. is required for multi-market penetration.
End-to-end credentials
VRTL addresses these challenges by delivering end-to-end credentials issuance capability through product bundling, programme management and scalable tech integration platform via APIs,which are the essential tools developers use to let Visa services run on their own platform.
The ‘One Contract’, ‘One Pricing’ & ‘One Integration’ approach makes the entire process much simpler and reduces Go to Market (GTM) timelines, a vital consideration for startups. The partnership will boost overall capacity and ensure that interested fintech and non-banking entities enjoy a quick onboarding experience.
“Visa Ready to Launch is the first of its kind plug and play end-to-end issuance platform which effectively bundles products and services for Fintechs to swiftly and seamlessly launch a payment programme. The programme promises simplified pricing, singular contracting and seamless integration, which are absolute key pillars of a swift launch. We are extremely happy to have partnered with NymCard to bring this offering to our markets,” says Salima Gutieva, Vice President and UAE Country Manager – Visa.
Scaling up
Omar Onsi, CEO and Founder of NymCard, says: “We are excited to be able to use our expertise and our modern payments platform to scale up the onboarding of Visa’s Ready to Launch Programme. And we are honoured to be chosen as the first processor to do so.”
This fintech enablement programme is now available in the Gulf Cooperation Council and North Africa, Levant, and Pakistan regions and will be expanded to Central Europe, Middle East, and Africa in the future. NymCard is the first processor to join the programme with others to come.