Nuvei has launched its new card issuing solution in 30 markets worldwide.
This offering allows Nuvei clients to provide their customers, employees or contractors with both physical and virtual white-labeled cards, the Canadian FinTech company said in a Wednesday (Nov. 29) press release.
The service is currently available in 30 markets across the European Economic Area, and Nuvei plans to expand it to the United Kingdom, the United States and Latin America in 2024, according to the release.
One of the key benefits of Nuvei’s issued cards is improved working capital efficiency, the release said. Businesses can instantly access and utilize funds collected from their customers using virtual cards, enhancing their working capital. For instance, online travel agents can purchase flights or hotel tickets on behalf of their customers without having to wait for funds to settle.
Another advantage is the improved authorization rates that Nuvei’s solution provides, per the release. When merchants issue refunds to customers on a virtual or physical card, and Nuvei acts as both the issuer and acquirer, transaction approval rates can increase. This capability is particularly valuable in the retail sector, where customers can use their funds in the same store where they received the refund.
Seamless and cost-effective payouts are also made possible through Nuvei’s card issuing solution, according to the press release. Both virtual and physical cards are easy to issue and can be used to quickly distribute funds to customers or the workforce at a lower cost compared to traditional payout methods. Use cases such as insurance claims, government disbursements and the gig economy can benefit from this feature.
Furthermore, merchant-issued cards can play a significant role in increasing customer loyalty, the release said. These cards, which can be physical or virtual and are white-labeled to the merchant’s brand, can be connected to reward schemes or used for processing customer refunds.
During Nuvei’s most recent earnings call, held on Nov. 7, the firm reported a year-over-year total volume increase of 72% during the three months ended Sept. 30.
The firm attributed its growth to gaining and activating new customers, expanding wallet share with current customers, adding new product features and capabilities, and growing across geographies.