Nuvei launches a blockchain payment solution for LATAM merchants, enhancing payments with stablecoins and improving speed, liquidity, and security through partnerships.
Nuvei, a leading Canadian fintech company, has launched a blockchain-based payment solution to revolutionize payments in Latin America. This initiative empowers merchants across the region. It is the result of strategic partnerships with Rain, BitGo, and Visa. The integration ensures that payment can be made using stablecoins such as USD Coin (USDC) in a safe and integrated manner.
Rain’s technology helps Nuvei deliver an improved payment experience. This integration ensures that firms are associated with digital asset tools, which link conventional payment systems with blockchain. The security of BitGo is at an institutional level, therefore making it secure. This helps to guarantee that businesses can run their digital properties without fear. It also strengthens trust and operations for firms entering the digital finance space for the first time.
This solution will require Visa’s global network in order to work. Merchants can make stablecoins payments through physical or virtual cards with the help of Visa. This means that a transaction can be made at any place that Visa is accepted.
The solution also has faster transaction speed and improved liquidity as compared to the traditional methods. International money transfers become more effective, which is a major breakthrough for the LATAM organizations. In addition, it assists the companies to handle payments and operational cash effectively.
Nuvei Partners with Rain to Advance Blockchain Payments Solution
Philip Fayer, the Chair and CEO of Nuvei, supported the initiative. He emphasised the need to introduce the technologies that would be out of this world. Integrating stablecoin features to Nuvei’s payout and processing solutions would provide more freedom and reliability to merchants. This move is intended to offer the most efficient tool for transactions around the globe.
Farooq Malik, Rain’s co-founder, discussed the need to integrate conventional banking with cryptocurrencies. He stated that the partnership with Nuvei is a big leap towards achieving the company’s goal of expanding blockchain payments in the LATAM region. As a result, this will assist the businesses to adopt these new technologies more conveniently.
Other supporters of the partnership were also BitGo. Luis Ayala, Director at BitGo said that with the company’s secure custody and digital asset services, it would be beneficial for businesses in LATAM. BitGo’s infrastructure ensures that stablecoins are used effectively and without concern by businesses.
Lastly, this partnership is the important stage for Nuvei as it continues to expand its international reach across LATAM. In this regard, the company has registered some successes, including being the first global provider to provide local acquisition in Colombia. It also started similar services in Mexico and acquired a Payment Institution license in Brazil.
