MONTREAL - Nuvei Corporation (NASDAQ:NVEI) (TSX:NVEI), a Canadian fintech firm, has announced a partnership with Visa (NYSE:V) to launch Visa Direct for its customers in Colombia, marking the company as the first global payments provider to offer this service in the country.
Visa Direct allows for the near-instantaneous transfer of funds to financial accounts using card credentials, encompassing a range of transactions from person-to-person payments to cross-border remittances. This service is now accessible to Colombian merchants through Nuvei's technology platform, providing them with the ability to execute instant payouts.
Philip Fayer, Nuvei's Chair and CEO, emphasized the strategic importance of this move, stating, "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." He highlighted Colombia's rapidly growing eCommerce sector and Nuvei's commitment to enhancing payment efficiency and user experience for its customers.
Nuvei's introduction of Visa Direct in Colombia continues its pattern of establishing a first-mover advantage in the market. The company had previously become the first global payments provider to offer direct local acquiring in Colombia, allowing online businesses to process card payments without third-party intermediaries.
The collaboration between Nuvei and Visa has already seen Visa Direct become available to partner merchants in over 30 European countries, as well as in the United States, Canada, Hong Kong, and Singapore. Humberto Guihur, Visa Andean Region's Product and Innovation VP, expressed enthusiasm for the extension of this partnership to Colombia, indicating a shared vision for improving the payments experience for merchants and customers alike.
Nuvei's platform is designed to support businesses globally, offering a range of services including payment processing, risk and fraud management, and banking solutions. With operations in over 200 markets and local acquiring capabilities in 50, Nuvei facilitates transactions in 150 currencies and supports 700 alternative payment methods through a single integration.
This expansion into Colombia is based on a press release statement from Nuvei, and it represents the latest step in the company's ongoing efforts to innovate and provide advanced payment solutions worldwide.
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