Nuvei has launched a blockchain-based payments solution for Latin American merchants, saying it enables these businesses to make faster cross-border B2B payments and settlements.
The new solution allows businesses to use a Visa-supported physical or virtual card to make payments using stablecoins from a digital asset wallet anywhere Visa is accepted, the company said in a press release Wednesday December 4.
Nuvei’s new blockchain-based payment solution is offered in collaboration with Rain’s vertically integrated issuing partner Visa and digital asset custodian and wallet solutions provider BitGo, according to the release.
“By integrating stablecoin technology into our payment platform for B2B settlement, we are providing our merchants with unprecedented flexibility, security and global reach,” said Philip Fayer, President and CEO of Nuvei, in the press release.
The launch of this solution follows Nuvei’s introduction of certain other services in Latin America earlier this year.
In August, the company announced the acquisition of Brazilian payments institution Pay2All in a deal to expand Nuvei’s capabilities in Brazil and its presence in the broader Latin American market.
Nuvei said Pay2All’s payment institution license granted by Brazil’s central bank will allow it to act as an “electronic money issuer”, offering services such as accepting payments, managing e-wallets and betting accounts, and participation in all local payment systems in Brazil, including PIX processing. transactions.
The company also announced in August that it was implementing a local acquiring service in Mexico, “leading to fulfillment of the processing requirements to become a direct acquirer under the Comisión Nacional Bancaria y de Valores (CNBV)”, with a further expansion in Latin America to follow. .
In February, Nuvei launched direct local acquiring capabilities in Colombia, saying this made it the first global payments provider to offer this service in the country.
“The launch of our direct local acquiring capabilities in Colombia increases our presence in LATAM and reinforces our commitment to growth in the region,” Fayer said in a press release at the time. “We are already active in more than 11 markets in Latin America through direct integration with local acquirers and networks, and the addition of direct local acquiring capabilities in Colombia strengthens our ability to provide the best services to our clients throughout the region.
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