CareCredit - Women's Health April 2024

Nuvei Expands LatAm Presence With Direct Local Acquiring in Colombia

Nuvei

Canadian FinTech firm Nuvei is expanding its Latin American presence with the launch of direct local acquiring capabilities in Colombia.

This makes Nuvei the first global payments provider to offer this service in the country, the company said in a Tuesday (Feb. 20) news release. Direct local acquiring allows businesses to accept card payments from their customers in Colombia without relying on intermediaries or third-party payment processors.

Through the offering, Nuvei aims to enable its partners to engage more deeply with their customers through payments, according to the release.This move also benefits businesses operating in Colombia by providing enhanced reporting capabilities through the consolidation of global transaction data. This consolidation makes it easier for businesses to analyze data and make informed decisions, Nuvei said.

Additionally, merchants can benefit from card authorization rate uplift, reduced settlement times from days to potentially less than 24 hours and optimized processing resource commitments, according to the release.

“Launching our direct local acquiring capabilities in Colombia augments our presence in LATAM and reinforces our commitment to growth in the region,” Philip Fayer, Nuvei chair and CEO, said in the release. “We are already active in more than eleven markets in LATAM through direct integration into local acquirers and networks, and adding direct local acquiring capabilities in Colombia strengthens our ability to provide best-in-class services to our customers across the region.”

Earlier this month, Nuvei announced the launch of an enhanced omnichannel payments solution for merchants and platforms.

The unified commerce offering allows businesses to “develop new customer payments experiences with greater control and unified analytics effortlessly,” PYMNTS reported Feb. 7. The solution is being made available to customers outside of North America for the first time.

According to a news release from Nuvei at the time, the solution combines Nuvei’s card-present and card-not-present technology for eCommerce, mobile and in-store transactions, allowing merchants to merge online and retail payment acceptance into one integration for multiple jurisdictions.

“A unified approach to payments across channels is increasingly critical for businesses to meet customer expectations, optimize revenues, and accelerate growth,” Fayer said at the time.