Nuvei launches comprehensive blockchain payment solution

Rhea-AI Summary

Nuvei has launched a blockchain-based payment solution for merchants across Latin America through partnerships with Rain, BitGo, and Visa. The solution enables businesses to use stablecoins, including USD Coin (USDC), for faster global settlement and reduced reliance on traditional payment methods.

The integrated system allows LATAM merchants to make payments using stablecoins from a digital asset wallet anywhere Visa is accepted, offering benefits such as faster cross-border transactions, secure digital asset custody, reduced currency complexity, and improved operational liquidity.

This launch is part of Nuvei's broader expansion in LATAM, where the company has already established direct local acquiring in Colombia, implemented local acquiring services in Mexico, and acquired a Payment Institution license in Brazil.

Positive

• Launch of innovative blockchain payment solution expanding service offerings
• Strategic partnerships with Rain, BitGo, and Visa enhancing market reach
• Geographic expansion in LATAM with direct local acquiring capabilities in multiple countries
• New revenue stream potential through blockchain-based payment services

Negative

• None.

Insights

Financial Technology Analyst

This blockchain payment solution launch represents a significant strategic expansion for Nuvei in the LATAM market. The partnership with established players like Visa, BitGo and Rain creates a robust infrastructure for B2B cross-border payments using stablecoins, particularly USDC. The solution addresses key pain points in international transactions, including speed, cost and currency complexity.

The integration leverages Visa's extensive merchant network while incorporating blockchain technology's benefits, creating a hybrid solution that could accelerate adoption. This positions Nuvei favorably in LATAM's rapidly growing eCommerce market, complementing their recent expansion moves in Colombia, Mexico and Brazil.

The solution's focus on stablecoins rather than volatile cryptocurrencies demonstrates a pragmatic approach to blockchain adoption in traditional finance. This could attract conservative institutional clients while maintaining innovation credentials. The partnership with BitGo adds important security credentials that should boost merchant confidence.

Market Research Analyst

LATAM presents a significant opportunity for payment solutions providers due to its large unbanked population and growing digital commerce sector. The region's cross-border payment volumes are substantial, with businesses facing challenges in traditional banking infrastructure and currency volatility.

Nuvei's comprehensive approach, combining local acquiring licenses with innovative payment solutions, strengthens their competitive position against both traditional payment providers and fintech competitors. The stablecoin integration could provide a meaningful advantage in processing efficiency and cost reduction for merchants, particularly in countries with complex currency controls or high banking fees.

Businesses in LATAM can now use stablecoins to make faster cross-border B2B payments and settlements through Nuvei's partnership with Rain, BitGo, and Visa

MONTREAL, Dec. 4, 2024 /PRNewswire/ -- Nuvei Corporation ("Nuvei" or the "Company"), the Canadian fintech company, today announces the launch of an innovative blockchain-based payment solution for merchants across Latin America (LATAM). Through Nuvei's partnerships with Rain, a vertically integrated issuing partner for global platforms, BitGo, the leading digital asset custodian and wallet solutions provider, and Visa, Nuvei is enabling businesses to utilize stablecoins – including USD Coin (USDC) – for faster global settlement and reduced reliance on traditional payments rails.

By collaborating with Rain, BitGo, and Visa, Nuvei delivers a seamless and secure blockchain payment experience that empowers LATAM merchants to use their physical or virtual card supported by Visa to make payments using stablecoins from a digital asset wallet anywhere Visa is accepted. The solution benefits from Visa's wide acceptance and simplifies corporate treasury management, offering faster cross-border transactions, secure digital asset custody, reduced currency complexity, and improved operational liquidity.

"Nuvei empowers businesses to connect more deeply with their customers through innovative payments solutions," commented Nuvei Chair and CEO Philip Fayer. "By integrating stablecoin technology into our payment platform for B2B settlement we're ensuring our merchants continually receive unparalleled flexibility, security, and global reach."

Rain Co-founder and CEO Farooq Malik added: "Our innovative platform connects traditional financial rails with the digital asset ecosystem, providing frictionless transactions for B2B and stablecoin payments. This partnership with Nuvei represents a significant step in making blockchain-based payments more accessible and flexible for businesses in Latin America."

Luis Ayala, Director at BitGo, commented: "As a leader in digital asset custody and infrastructure, we're excited to support Nuvei's expansion into blockchain payments. Our institutional-grade security and comprehensive digital asset services will help businesses in Latin America leverage stablecoin technology with confidence and operational efficiency."

This comprehensive blockchain-based payments offering sets a new standard for payment solutions in Latin America, demonstrating Nuvei's commitment to deepening its footprint in a region with rapid eCommerce growth. Year-to-date, Nuvei's expansion of services in LATAM include being the first global payments service provider to offer direct local acquiring in Colombia, implementing local acquiring services in Mexico, and acquiring a Payment Institution license in Brazil.

About Rain

Rain develops and operates cutting edge digital asset authorization and settlement infrastructure in concert with its innovative payment card solutions. By connecting blockchain settlement with traditional financial systems like the Visa network, Rain drives adoption and utility for digital assets in enterprise and consumer use cases.

Rain offers an asset-agnostic settlement stack with support for stablecoin programs and is a principal member of the Visa network. The company was founded in 2021 and is backed by Lightspeed Venture Partners, Norwest, Coinbase Ventures, Circle Ventures and Uniswap Labs. For more information, visit www.raincards.com.

About BitGo

BitGo provides the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core infrastructure to investors and builders alike.

Founded in 2013, BitGo pioneered the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade staking, DeFi, NFT and Web3 services. BitGo secures approximately 20% of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1500 institutional clients in 50 countries, including many regulated entities and the world's top cryptocurrency exchanges and platforms.

BitGo is backed by Goldman Sachs, Craft Ventures, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit http://www.bitgo.com

About Nuvei 

Nuvei is the Canadian fintech company accelerating the business of clients around the world. Nuvei's modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies and 720 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. 

For more information, visit www.nuvei.com

Contact: 

Public Relations

alex.hammond@nuvei.com

 

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SOURCE Nuvei

FAQ

What is Nuvei's new blockchain payment solution for LATAM?

Nuvei's new blockchain payment solution allows LATAM businesses to use stablecoins for faster cross-border B2B payments and settlements through partnerships with Rain, BitGo, and Visa, enabling payments using digital asset wallets wherever Visa is accepted.

Which partnerships has Nuvei (NVEI) established for its blockchain payment solution?

Nuvei has partnered with Rain (vertically integrated issuing partner), BitGo (digital asset custodian), and Visa to deliver its blockchain payment solution in Latin America.

What are the key benefits of Nuvei's (NVEI) new payment solution?

The key benefits include faster global settlement, reduced reliance on traditional payment rails, secure digital asset custody, reduced currency complexity, and improved operational liquidity for businesses in Latin America.

Which countries in LATAM has Nuvei (NVEI) expanded to in 2024?

Nuvei has expanded its services to Colombia (first global payments provider for direct local acquiring), Mexico (local acquiring services), and Brazil (acquired Payment Institution license).