Nuvei Unveils Stablecoin Payment Settlement Solution for Latin American Merchants

Nuvei Launches Payment Solution Using Stablecoins in Latin America

Canadian fintech company Nuvei is making strides in the digital payments landscape by introducing a new payment settlement solution that utilizes stablecoins for merchants throughout Latin America. This innovative payment system is backed by partnerships with Rain, an interoperability platform, BitGo, a digital custodian, and Visa, a leading card issuer, creating a robust blockchain-based payment framework.

How the Payment Solution Works

Merchants in Latin America can now engage with this payment solution by utilizing either physical or virtual Visa cards. This allows them to conduct transactions in stablecoin directly from their digital wallets, providing an easy and efficient method to manage payments. BitGo is instrumental in this setup, offering secure digital asset custody services to ensure the safety of merchants’ transaction data.

Benefits of Using Stablecoins

• Faster Transactions: The solution is designed to enhance operational liquidity, allowing faster cross-border transactions compared to traditional methods.
• Reduced Complexity: By using stablecoins, merchants eliminate the hassle associated with foreign exchange rates and currency conversions.
• Accessibility: The service can be used wherever Visa is accepted, broadening the reach for Latin American merchants.

Nuvei's Mission to Expand in Blockchain Payments

While this marks a significant step for Nuvei into the blockchain payments arena, the company has been active in this space since 2021, when it introduced transaction capabilities for nearly 40 cryptocurrencies. In line with this mission, Visa has also been proactive in engaging with the cryptocurrency market. Notably, in October, Visa launched a cryptocurrency card specifically for consumers, linked to self-custody wallets in Latin America, in partnership with the Avalanche Foundation.

Collaboration with Visa and Previous Efforts

Nuvei's collaboration with Visa extends beyond this new stablecoin offering. The companies have previously worked together with Worldpay to facilitate payments using Circle’s USD Coin (USDC) on both the Solana and Ethereum blockchains. It is important to note that USDC is already integrated into the real-time payment systems of countries like Brazil and Mexico.

Nuvei's Rapid Expansion in Latin America

In addition to the recent payment solution, Nuvei has been consistently expanding its footprint in Latin America. In 2024, the company launched local acquiring services in Colombia and Mexico. This involves partnering with local financial institutions to process card payments, further enhancing its operations. Moreover, Nuvei has acquired a Payment Institution license in Brazil, solidifying its commitment to the region.

Conclusion

Nuvei's innovative approach to offering stablecoin payment solutions in partnership with Visa and BitGo marks a significant advancement in the payment landscape for Latin American merchants. With the promise of faster transactions, reduced complexity, and enhanced operational liquidity, this initiative could fundamentally change how transactions are conducted in the region, empowering local businesses to thrive in the digital age.