Canadian fintech Nuvei Corporation (TSX:NVEI) has partnered with Visa to offer Visa Direct in Colombia. Nuvei is the first global payment provider to offer Visa Direct to its customers in the country.
Visa Direct is a VisaNet processing capability that enables the secure, convenient, near-real-time delivery of funds directly to financial accounts using card credentials. Visa Direct customers use the feature to enable use cases such as peer-to-peer (P2P) payments, cash withdrawals, bill payment or cross-border transfers directly to an eligible debit or prepaid card.
Visa Direct is available to Colombian merchants directly through their existing seamless integration with Nuvei’s full-stack modular payment technology platform. With Visa Direct, Nuvei merchants are able to provide instant payment capabilities to their customers, with transactions initiated and processed in near real-time.
Direct card payments enable businesses to deliver a faster, more secure and seamless payment experience for customers in nearly every payment-dependent industry.
“Offering instant payments through Visa Direct supports our strategy to provide best-in-class payment solutions tailored to the needs of each market we serve,” commented Philip Fayer, President and CEO of Nuvei. “Colombia is one of the fastest growing e-commerce markets in Latin America and we are proud to provide innovative ways for our customers to optimize their payment flows, improve user experiences and operate with maximum efficiency.”
The partnership with Visa to offer Visa Direct continues Nuvei’s first advantage in developing leading payment solutions in Colombia. Nuvei recently announced that it was the first global payment provider to offer direct local acquisition in the country, allowing online businesses to accept card payments from their customers without relying on intermediaries or third-party payment processors.
Visa Direct is already available to Nuvei merchant partners in more than 30 countries in Europe, including the UK, as well as the US and Canada in North America and Hong Kong and Singapore in APAC. The activation of Visa Direct access to businesses in Colombia is the latest expansion of the global strategic partnership between Nuvei and Visa.
“Our partnership with Nuvei is already enabling businesses in North America and Europe to reap the benefits of faster, safer, digital card payments. We are excited to extend this partnership to Colombia so that even more merchants can offer their customers an industry-leading payment experience,” commented Humberto Guihur, Vice President of Product and Innovation for the Visa Andes Region.