A partnership between Canadian fintech company Nuvei and payment industry giant Mastercard will provide access to near-instantaneous payouts for businesses based in Canada.
Nuvei will use the capabilities offered by Mastercard Move to facilitate payments to a customer debit card from the payments industry giant and a reloadable Mastercard prepaid card. In this case, the possibilities of money movement are implied. The relevant information is contained in a press release that was posted on the official website of the payment industry giant on Wednesday, May 7.
Mastercard Move is a fast and secure money transfer solution. This functional solution is intended for financial institutions, fintech companies, and their clients. The peculiarity of Mastercard Move is that this functional offer from the giant of the payment industry can be used both within the financial system of one country and at the global level. The mentioned solution’s portfolio covers almost 10 billion endpoints worldwide. In this case, we mean bank accounts, digital wallets, cards, and cash-out locations. Mastercard Move, as an available product, is present in 180 countries. Within the framework of this functional solution, transactions are processed in more than 150 currencies.
Darrell MacMullin, senior vice president, Commercial and New Payment Flows, Mastercard, Canada, stated that modern businesses operate in an environment characterized by high levels of competition and rapid change. Moreover, it was noted that in this plane of conditions and circumstances, businesses are constantly fighting to gain and retain customers. Darrell MacMullin stated that Mastercard knows that consumers from different sectors want fast and easy reconciliation of payments. It was noted that in this case, the main aspect is the ability to access funds in almost real time.
Darrell MacMullin stated that with the Mastercard Move, Nuvei’s customers and partners will be able to enhance the consumer experience in cases such as online gaming disbursements or quick refunds. It was noted that this functionality will contribute to a high level of satisfaction on the part of clients.
For Canadian companies that interact with Nuvei, Mastercard Move offers a simplified payment experience. In this case, it implies a practice in which the company directly uses a consumer’s eligible Mastercard. In the context of the mentioned algorithm, one of the most important advantages is to reduce the level of dependence on traditional bank transfers, which are a process characterized by such negative features as low speed of implementation, or checks. The press release highlighted that the relevant experience can be easily integrated into the company’s payment offering through the existing single integration with the Nuvei core platform.
It was also noted in the press release that the giant of the payment industry and the Canadian fintech company continue their global cooperation. Both sides of the partnership provide businesses with innovative payment solutions to reach their customers. Moreover, in a press release, it was noted that Nuvei and Mastercard continue to expand the scope of their cooperation.
Philip Fayer, Nuvei’s chairman and chief executive officer, stated that the company is thrilled to expand its successful relationship with the e-commerce giant and offer Mastercard Move to even more customers. He also noted that the two firms’ ongoing collaboration to introduce Mastercard Move to new markets around the world reflects the Canadian brand’s commitment to providing advanced payment solutions that meet the needs of Nuvei customers and their clients. According to him, this is a key differentiator for businesses that seek to improve the user experience by offering consumers faster and safer ways to make payment transactions.
The press release noted that Mastercard is working with companies operating in the financial technology sector and financial institutions to ensure seamless disruptions in Canada and globally. In the relevant context, the giant of the payment industry implies targeting such use cases as fast refunds, winning payouts, gig payouts, and on-demand wage access. The target consumer audience in these efforts is acquirers, governments, consumers, and merchants.
Nuvei was founded in 2003. In September 2020, the company went public. The firm conducted an initial public offering worth $700 million on the Toronto Stock Exchange. At that time, it was the largest IPO in the history of the presence of technology companies on the mentioned stock exchange. In October 2021, Nuvei conducted a US IPO. As part of this experience, the amount reached $424.8 million.
As we have reported earlier, Cardstream and Mastercard to Advance Open Banking Payments in UK.
