Nuvei partners with Visa to offer Visa Direct in Colombia

Rhea-AI Summary

Nuvei, a Canadian fintech company, has partnered with Visa to introduce Visa Direct in Colombia. This makes Nuvei the first global payments provider to offer Visa Direct to customers in the country.

Visa Direct utilizes VisaNet to facilitate near real-time fund transfers directly to financial accounts using card credentials. The service can be used for various transactions including person-to-person payments, funds disbursements, bill payments, and cross-border remittances. This service is accessible through Nuvei's modular payments technology platform, allowing merchants to offer instant payouts to their customers.

Nuvei’s CEO, Philip Fayer, highlighted the importance of this service in supporting eCommerce growth in Colombia, one of Latin America's fastest-growing markets. The partnership with Visa extends Nuvei's existing global capabilities, which already include Europe, North America, and parts of APAC.

Positive

• Nuvei becomes the first global payment provider to offer Visa Direct in Colombia.
• Visa Direct facilitates near real-time fund transfers, enhancing user experience with faster and secure payments.
• Nuvei expands its market reach in Colombia, one of Latin America's fastest-growing eCommerce markets.
• The partnership with Visa strengthens Nuvei's global presence, already active in over 30 countries.
• Nuvei's modular payments technology platform supports seamless integration of Visa Direct.

Negative

• No specific financial performance metrics or revenue projections were provided in the PR.
• The announcement does not detail any potential costs or risks associated with implementing Visa Direct in Colombia.
• No information on competitive landscape or market share in Colombia indicated.

Nuvei is the first global payments provider to offer Visa Direct to its customers in the country.

MONTREAL, June 3, 2024 /PRNewswire/ -- Nuvei Corporation ("Nuvei" or the "Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today announces that it has partnered with Visa, a world leader in digital payments, to offer Visa Direct in Colombia. Nuvei is the first global payments provider to offer Visa Direct to its customers in the country.

Visa Direct is a VisaNet processing capability that allows safe, convenient, near real-time funds delivery directly to financial accounts using card credentials. Visa Direct clients use the capability to enable use cases such as person-to-person (P2P) payments, funds disbursements, bill pay, or cross border remittances directly to an eligible debit or prepaid card.

Visa Direct is available to Colombian merchants directly through their existing single integration to Nuvei's full stack modular payments technology platform. With Visa Direct, Nuvei merchants are able to provide instant payout capabilities to their customers, with transactions routed and processed in near real-time.

Instant payouts to cards enable businesses to offer a faster, secure, and seamless payment experience for customers across virtually any industry that is reliant on payouts.

"Offering instant payouts through Visa Direct supports our strategy of providing best-in-class payment solutions tailored to the needs of each market we serve," commented Philip Fayer, Nuvei's Chair and CEO. "Colombia is one of the fastest-growing eCommerce markets in Latin America, and we're proud to deliver innovative ways for our customers to optimize their payment flows, enhance user experiences, and operate with maximum efficiency." 

Partnering with Visa to offer Visa Direct continues Nuvei's first-mover advantage in rolling out industry-leading payments solutions in Colombia. Nuvei recently announced that it was the first global payments provider to offer direct local acquiring in the country, enabling online businesses to accept card payments from their customers without relying on intermediaries or third-party payment processors.

Visa Direct is already available to Nuvei's partner merchants in over 30 countries in Europe including the UK, as well as the U.S. and Canada in North America and Hong Kong and Singapore in APAC. Enabling Visa Direct access to businesses in Colombia is the latest extension of the global strategic partnership between Nuvei and Visa.

"Our collaboration with Nuvei is already enabling businesses in North America and Europe to harness the benefits of faster, safer, digital payouts to cards. We're excited to be extending this partnership to Colombia so that even more merchants can offer an industry leading payments experience to their customers," commented Humberto Guihur, Product and Innovation VP for Visa Andean Region.

About Nuvei 

Nuvei (Nasdaq: NVEI) (TSX: NVEI) 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 700 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

NVEI-IR

Contact: 

Public Relations
alex.hammond@nuvei.com 

Investor Relations
IR@nuvei.com

 

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SOURCE Nuvei

FAQ

What is Nuvei's new partnership with Visa?

Nuvei has partnered with Visa to offer Visa Direct in Colombia, making it the first global payments provider to do so.

What does Visa Direct provide?

Visa Direct offers near real-time funds delivery directly to financial accounts using card credentials, suitable for various payment scenarios.

How will Visa Direct benefit Colombian merchants?

Colombian merchants can provide instant, secure, and seamless payouts to their customers using Visa Direct through Nuvei's platform.

Why is the partnership with Visa important for Nuvei?

The partnership strengthens Nuvei's market presence in Colombia and supports its strategy to offer best-in-class payment solutions.

In which regions is Visa Direct already available through Nuvei?

Visa Direct is available to Nuvei's partner merchants in over 30 countries, including the U.S., Canada, the UK, Europe, Hong Kong, and Singapore.