Nuvei is the first global payments provider to
offer direct local acquiring in the country, expanding its LATAM
footprint
MONTREAL, Feb. 20,
2024 /PRNewswire/ -- Nuvei Corporation ("Nuvei"
or the "Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech
company, announces today that it has launched direct local
acquiring capabilities in Colombia, further expanding its presence in
Latin America (LATAM) and
strengthening its overall footprint in the region.
Nuvei is the first global payments company to offer direct local
acquiring in Colombia, enabling
local and international partners to accept card payments from their
customers in the country without relying on intermediaries or
third-party payment processors. Simplifying payments relationships
in Colombia enables eCommerce
businesses to maintain greater control over transaction flow
management, as well as develop a more localized payments experience
for customers.
This announcement is the latest from Nuvei as it continues to
expand its global reach and enable its partners to engage with
their customers more deeply through payments, wherever they are and
however they want to pay. In addition to unifying international
operations via a single processing platform, businesses operating
in Colombia are benefitting from
enhanced reporting capabilities through consolidation of all global
transaction data, making data easier to analyze and inform
decision making.
Colombian businesses looking to scale rapidly, including through
quick and efficient international expansion, are also able to
leverage Nuvei's global reach to enter new markets with ease.
Other benefits of direct local acquiring to eCommerce businesses
selling to customers in Colombia
through their global integration with the Nuvei platform include
card authorization rate uplift, reduced settlement times from days
to potentially less than 24 hours, and optimized processing
resource commitments.
Latin America is one of the
world's fastest-growing regions, making it an increasingly
attractive region for international eCommerce businesses. Within
LATAM, Colombia is the
third-largest eCommerce market, reaching US$42.3 billion in volume in 2023. Annual volume
in Colombia is forecasted reach
US$87 billion in 2026 at a projected
compound annual growth rate (CAGR) of 27%.1
Philip Fayer, Nuvei Chair and
CEO, commented on the announcement: "Launching our direct local
acquiring capabilities in Colombia
augments our presence in LATAM and reinforces our commitment to
growth in the region. We are already active in more than eleven
markets in LATAM through direct integration into local acquirers
and networks, and adding direct local acquiring capabilities in
Colombia strengthens our ability
to provide best-in-class services to our customers across the
region."
With local acquiring capabilities in 50 markets and connectivity
to 680 local APMs, Nuvei is elevating payments to a hyper-localized
level on a global setting, and supporting businesses to expand
internationally while still optimizing their payments function.
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 680
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
1 https://paymentscmi.com/insights/colombia-e-commerce-market/
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SOURCE Nuvei