The Canadian fintech firm, Nuvei and the global payments giant, MasterCard have joined forces to offer a new payment system for traders in the
Asia Pacific (APAC) region. According to the companies, this collaboration is set to deliver instant cash-outs to online trading platforms
and investors throughout the APAC region.
Through Mastercard Send,
a service that facilitates real-time fund transfers across more than
100 markets, Nuvei’s customers in Singapore are already using the payout
system. The reach of this service is expected to extend to Australia and Hong
Kong SAR later this year, linking disbursements and funding transactions
involving 1.5 billion debit, credit, and prepaid MasterCard cards.
According to Nuvei‘s Chair and CEO, Philip Fayer: “Trading
platforms rely on fast, secure deposits and payouts to optimize user
experience. Partnering with Mastercard Send enables us to offer our partners
another trusted, instant payout method that will win new traders and generate
revenue growth.”
The companies are
projecting that the rise in online trading will boost the adoption of their new
offering. In the joint statement, the firms cited a report by Fortune Business
Insights, which projects exponential growth in the global online trading
platform market, expected to skyrocket from USD $9.94 billion in 2023 to a
staggering USD $15 billion by 2030.
One notable trading
platform currently using Mastercard Send to enhance the payout experience for
its users is Plus500. The company allows online traders to access cash-outs for their investments, fortified by MasterCard’s fraud
protection measures. The process requires traders to input their card details
and initiate a request through Mastercard Send on the platform’s cashier
section.
Nuvei’s Financial Performance and Market Expansion
More than two weeks ago,
Nuvei released its financial report for the second quarter of the year,
highlighting an increase of 68% in total volume, reaching USD $50 billion
compared to USD $30 billion in the same period of the previous year.
The company’s revenue
also experienced substantial growth, surging 45% to USD $307 million from
USD $211 million in the same quarter of the previous year. While Nuvei’s net
income for the quarter was USD $11 million, compared to USD $35 million in
the previous year, these figures included an increase of USD $31 million in
finance costs.
In
January, Nuvei announced plans
to acquire the
Atlanta-based integrated payments provider Paya in a deal worth USD $1.3
billion. Under the terms of the agreement, Nuvei indicated that it was
acquiring the company at USD $9.75 per share in cash, Finance
Magnates reported.
The Canadian fintech firm, Nuvei and the global payments giant, MasterCard have joined forces to offer a new payment system for traders in the
Asia Pacific (APAC) region. According to the companies, this collaboration is set to deliver instant cash-outs to online trading platforms
and investors throughout the APAC region.
Through Mastercard Send,
a service that facilitates real-time fund transfers across more than
100 markets, Nuvei’s customers in Singapore are already using the payout
system. The reach of this service is expected to extend to Australia and Hong
Kong SAR later this year, linking disbursements and funding transactions
involving 1.5 billion debit, credit, and prepaid MasterCard cards.
According to Nuvei‘s Chair and CEO, Philip Fayer: “Trading
platforms rely on fast, secure deposits and payouts to optimize user
experience. Partnering with Mastercard Send enables us to offer our partners
another trusted, instant payout method that will win new traders and generate
revenue growth.”
The companies are
projecting that the rise in online trading will boost the adoption of their new
offering. In the joint statement, the firms cited a report by Fortune Business
Insights, which projects exponential growth in the global online trading
platform market, expected to skyrocket from USD $9.94 billion in 2023 to a
staggering USD $15 billion by 2030.
One notable trading
platform currently using Mastercard Send to enhance the payout experience for
its users is Plus500. The company allows online traders to access cash-outs for their investments, fortified by MasterCard’s fraud
protection measures. The process requires traders to input their card details
and initiate a request through Mastercard Send on the platform’s cashier
section.
Nuvei’s Financial Performance and Market Expansion
More than two weeks ago,
Nuvei released its financial report for the second quarter of the year,
highlighting an increase of 68% in total volume, reaching USD $50 billion
compared to USD $30 billion in the same period of the previous year.
The company’s revenue
also experienced substantial growth, surging 45% to USD $307 million from
USD $211 million in the same quarter of the previous year. While Nuvei’s net
income for the quarter was USD $11 million, compared to USD $35 million in
the previous year, these figures included an increase of USD $31 million in
finance costs.
In
January, Nuvei announced plans
to acquire the
Atlanta-based integrated payments provider Paya in a deal worth USD $1.3
billion. Under the terms of the agreement, Nuvei indicated that it was
acquiring the company at USD $9.75 per share in cash, Finance
Magnates reported.
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- Source: https://www.financemagnates.com//fintech/payments/nuvei-expands-payout-capabilities-for-apac-online-traders-with-mastercard/
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