KEY FACT: Nuvei Corporation has launched a comprehensive blockchain-based payment solution in partnership with Rain, BitGo, and Visa, to revolutionize cross-border B2B transactions in Latin America (LATAM). The solution leverages stablecoins like $USDC to provide faster settlements, enhanced liquidity, and reduced reliance on traditional financial systems. With the solution created, merchants can make payments directly from digital wallets using Visa-supported cards, with BitGo ensuring secure digital asset custody.
Source: Nuvei
Nuvei Launches Blockchain Payment Solution for Latin America
Nuvei Corporation, a Canadian financial technology firm, has unveiled a blockchain-based payment solution to enhance cross-border business-to-business (B2B) transactions for merchants throughout Latin America (LATAM). This initiative, announced on December 4, 2024, is a collaborative effort with Rain, a vertically integrated issuing partner; BitGo, a leading digital asset custodian; and Visa, the global payments giant.
Nuvei Corporation (“Nuvei” or the “Company”), the Canadian fintech company, today announces the launch of an innovative blockchain-based payment solution for merchants across Latin America (LATAM). Through Nuvei’s partnerships with Rain, a vertically integrated issuing partner for global platforms, BitGo, the leading digital asset custodian and wallet solutions provider, and Visa, Nuvei is enabling businesses to utilize stablecoins – including USD Coin (USDC) – for faster global settlement and reduced reliance on traditional payments rails.
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The newly launched solution enables businesses in Latin America to leverage stablecoins, such as USD Coin ($USDC), to facilitate faster global settlements and decrease dependence on traditional payment infrastructures. Merchants can utilize Visa-supported physical or virtual cards to conduct payments directly from digital asset wallets at any location where Visa is accepted.
Philip Fayer, Nuvei's Chair and CEO, emphasized the company's commitment to innovation in payment solutions to empower businesses to connect more deeply with their customers. He added:
"By integrating stablecoin technology into our payment platform for B2B settlement, we're ensuring our merchants continually receive unparalleled flexibility, security, and global reach."
This solution offers several advantages, including expedited cross-border transactions, simplified corporate treasury management, secure custody of digital assets, reduced currency complexities, and enhanced operational liquidity. The collaboration with Visa will ensure widespread acceptance, while BitGo provides institutional-grade security for digital asset custody.
Farooq Malik, Co-founder and CEO of Rain, highlighted the significance of this partnership in bridging traditional financial systems with the digital asset ecosystem, making blockchain-based payments more accessible and flexible for businesses in Latin America.
“Our innovative platform connects traditional financial rails with the digital asset ecosystem, providing frictionless transactions for B2B and stablecoin payments. This partnership with Nuvei represents a significant step in making blockchain-based payments more accessible and flexible for businesses in Latin America.”
Also commenting on the development, Luis Ayala, Director at BitGo, expressed enthusiasm for supporting Nuvei's expansion into blockchain payments, noting that BitGo's comprehensive digital asset services will help businesses in Latin America leverage stablecoin technology with confidence and operational efficiency.
“As a leader in digital asset custody and infrastructure, we're excited to support Nuvei's expansion into blockchain payments. Our institutional-grade security and comprehensive digital asset services will help businesses in Latin America leverage stablecoin technology with confidence and operational efficiency.”
This development adds to the trend of stablecoin adoption in Latin America, where blockchain-based financial solutions are gaining traction. Notably, in September 2023, Visa began testing USDC settlements on the Solana blockchain, with payment processors like Nuvei participating in the initiative.
Nuvei's commitment to the LATAM region is evident through its recent expansions, including being the first global payments service provider to offer direct local acquiring in Colombia, implementing local acquiring services in Mexico, and obtaining a Payment Institution license in Brazil.
With Nuvei's initiative joining the evolution in the digital economy, blockchain-based payment solutions are a new standard for payment services in Latin America, to offer businesses a more efficient and secure method for conducting cross-border transactions.
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