Payment News

Socash to be Acquired by Nium

Socash, the Singapore-based technology company with an app that connects consumers and merchants so that consumers can deposit, withdraw and make payments with cash at the point of sale in shops, has signed a definitive agreement to be bought by Nium. The acquisition is expected to complete in Q3 2022.

Nium, also Singapore-based, plans to combine Socash’s solution for local payment acceptance with its global platform for money movement. Nium links banks, payment providers and businesses, whatever their size, to global payment and card issuance solutions. It operates in over 190 countries in more than 90 currencies.

The acquisition of Socash allows Nium to accept cash for online transactions which is particularly important in emerging markets where cash is preferred, for example across Asia Pacific and the Latin American markets.