Nuvei, a global payments technology provider, has introduced a blockchain-based payment solution designed for merchants in Latin America. The company highlighted that the new offering facilitates faster cross-border B2B payments and settlements, marking a significant step in streamlining international transactions for businesses in the region.
This solution enables businesses to leverage Visa-supported physical or virtual cards for payments using stablecoins from digital asset wallets. These transactions can be conducted wherever Visa is accepted, enhancing accessibility and efficiency for users. The initiative is being implemented in partnership with Visa, vertically integrated issuing partner Rain, and BitGo, a digital asset custodian and wallet solutions provider.
The payment platform incorporates stablecoin technology to provide merchants with enhanced flexibility, security, and global reach. By leveraging blockchain capabilities, Nuvei aims to offer a modernized payment framework that addresses the unique needs of businesses operating across borders.
Strategic Growth in Latin America
The launch of this solution comes as part of Nuvei’s broader strategy to expand its presence and services in Latin America. Earlier in 2024, the company announced its acquisition of Brazilian payment institution Pay2All. This move was aimed at strengthening Nuvei’s capabilities in Brazil while establishing a more substantial foothold in the region.
Pay2All’s payment institution license, granted by Brazil’s central bank, allows Nuvei to act as an issuer of electronic currency. This development enables the company to offer services such as payment acceptance, eWallet management, and participation in local payment systems, including the processing of PIX transactions.
In addition to its expansion in Brazil, Nuvei has also focused on other key markets in the region. In August, the company announced the rollout of local acquiring services in Mexico, working towards meeting regulatory requirements to become a direct acquirer under Mexico’s Comisión Nacional Bancaria y de Valores (CNBV).
Strengthening Regional Footprint
Nuvei’s efforts to enhance its regional capabilities extend beyond Brazil and Mexico. In February, the company launched direct local acquiring services in Colombia, becoming the first global payments provider to offer this functionality in the country. This addition bolstered Nuvei’s presence across Latin America, with the company now actively operating in over 11 markets in the region.
The direct integration into local acquirers and payment networks allows Nuvei to provide tailored solutions to its customers. This approach aligns with its commitment to growth and delivering best-in-class services across Latin America.
Driving Innovation in Payments
The introduction of blockchain-based payment solutions and the company’s ongoing regional expansion reflect Nuvei’s focus on innovation and adaptability. By integrating stablecoin technology and collaborating with industry leaders such as Visa and BitGo, Nuvei is addressing the evolving demands of modern businesses in Latin America.
With these advancements, Nuvei positions itself as a key enabler of digital transformation in the payments sector, fostering seamless transactions and greater financial inclusion across the region. The company’s sustained efforts in Latin America signal its dedication to empowering merchants with cutting-edge solutions that enhance operational efficiency and drive growth.