Nuvei Launches Blockchain-Based Solution for Cross-Border B2B Payments

Nuvei has launched a blockchain-based payment solution for merchants across Latin America, saying it enables these businesses to make faster cross-border B2B payments and settlements.

The new solution allows businesses to use a Visa-supported physical or virtual card to make payments using stablecoins from a digital asset wallet anywhere Visa is accepted, the company said in a Wednesday (Dec. 4) press release.

Nuvei’s new blockchain-based payment solution is offered in collaboration with Visa, vertically integrated issuing partner Rain, and digital asset custodian and wallet solutions provider BitGo, according to the release.

“By integrating stablecoin technology into our payment platform for B2B settlement, we’re ensuring our merchants continually receive unparalleled flexibility, security and global reach,” Nuvei Chair and CEO Philip Fayer said in the release.

The launch of this solution follows Nuvei’s introduction of some other services in Latin America earlier this year.

In August, the company said it was acquiring Brazilian payments institution Pay2All in a deal designed to expand Nuvei’s capabilities in Brazil and its presence in the larger Latin American market.

Nuvei said that Pay2All’s payment institution license from Brazil’s central bank will let Nuvei act as an “issuer of electronic currency,” offering services such as accepting payments, managing eWallets and betting accounts, and participating in all of Brazil’s local payment systems, including processing PIX transactions.

The company also said in August that it is implementing a local acquiring service in Mexico, “leading to the fulfillment of processing requirements to become a direct acquirer under the Comisión Nacional Bancaria y de Valores (CNBV),” with further Latin American expansion to follow.

In February, Nuvei launched direct local acquiring capabilities in Colombia, saying this made it the first global payments provider to offer this service in the country.

“Launching our direct local acquiring capabilities in Colombia augments our presence in LATAM and reinforces our commitment to growth in the region,” Fayer said at the time in a press release. “We are already active in more than 11 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.”

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