Money Transfer Fintech Nium to Acquire Cash Player Socash

The deal for Nium to acquire Socash will provide local payment acceptance for digital commerce, particularly in emerging markets, the money transfer fintech said in a press release Tuesday. Socash’s network lets its customers deposit, withdraw and make payments in cash from more than 30,000 local merchants, the release said.

«The Socash team has built an impressive platform that bridges payments in the digital space with payouts in the physical world,» Pratik Gandhi, co-founder and chief operating officer of Nium, said in the statement. «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.»

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Source: Money Transfer Fintech Nium to Acquire Cash Player Socash