In order to offer rapid cash-outs to online retailers and traders in the APAC region, Nuvei has announced its collaboration with Mastercard.
After making this statement, the firms will give investors, traders, and retailers in the Asia Pacific region new payout options. Customers and partners will be able to make use of the services while using the Mastercard Send product.
For merchants, acquirers, governments, and consumers, Send supports quick payments and is already available to Nuvei customers in Singapore. According to a Nuvei press release, the technology will now also be accessible in Australia and Hong Kong SAR beginning later this year.
“Nuvei customers will then be able to process payouts, including business to consumer disbursements, and funding transactions between over 1.5 billion debit, credit and prepaid Mastercard cards,” the release said.
How the product works: Mastercard Send
Utilizing Mastercard Send, customers gain a convenient method to invest while accessing Mastercard’s fraud detection. To withdraw, customers input their card details in the platform cashier, receiving funds promptly upon request completion. The solution empowers secure, swift decisions for investors and merchants, offering real-time fund visibility.
Keeping up with the industry
In a recent interview with PYMNTS, Nuvei’s Chief Revenue Officer, Laura Miller, highlighted the ongoing shift towards digitalization in the payments sector. She emphasized the growing importance of digital identities, digital currencies, and open banking. Miller also discussed the role of payments orchestration in enhancing cross-border connectivity and fund movement.
Miller acknowledged that the payments industry is constantly evolving due to technological advancements. She also emphasized the need for robust reporting and visibility tools to optimize payments and assets effectively.
Meanwhile, according to recent research by PYMNTS, instant disbursements are gaining popularity, but some individuals still hesitate to adopt them. About 36% of respondents expressed concerns about sharing their card information, while 33% preferred methods that didn’t require sharing bank account details. The research also revealed that around 30% of consumers avoided instant payments due to associated fees, leading many to choose alternative methods to save money.
The strategic way forward for Nuvei
Canadian fintech firm Nuvei has pursued an expansive strategy marked by numerous partnerships and product launches spanning diverse global regions.
Notably, in August 2023, Nuvei announced a collaboration with Stuvia, an educational materials marketplace, aiming to enhance international growth and development. Leveraging Nuvei’s technology and local acquiring capabilities in 47 markets, Stuvia sought to attract new users, reduce payment costs, and drive revenue growth.
Additionally, Nuvei partnered with iGaming operator 888 to enhance the payment experience and acceptance rates in the US. This move aimed to propel Nuvei’s presence in the US iGaming sector and align with customer preferences.