Visa partners NymCard to launch plug & play issuance platform
By Gloria Methri
Visa has launched the Visa Ready To Launch (VRTL) program, aiming to give 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 the Visa Ready to Launch program and transform payment credentials issuance capabilities for FinTech through a plug-and-play end-to-end platform in the region.
FinTech and non-banking entities face many challenges when attempting to launch new payment programs. 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.
VRTL addresses these challenges by delivering end-to-end credentials issuance capability through product bundling, program management, and scalable tech integration platforms via APIs, which are the essential tools developers use to let Visa services run on their own platforms.
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.
Salima Gutieva, Vice President and UAE Country Manager, Visa said, “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 program. The program 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.”
Omar Onsi, CEO and Founder of NymCard, said, “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 Program. And we are honored to be chosen as the first processor to do so.”
This FinTech enablement program is now available in the Gulf Cooperation Council and North Africa, Levant, and Pakistan regions and will be expanded to Central Europe, the Middle East, and Africa in the future. NymCard is the first processor to join the program with others to come.