Nuvei has introduced a blockchain-powered payment solution tailored for merchants across Latin America.
The initiative leverages strategic collaborations with global issuing partner Rain, digital asset management company BitGo, and Visa. The solution will enable businesses to use stablecoins, including USDC, to simplify global payments and reduce dependence on traditional payment systems.
The new payment platform is integrated with Visa's network, allowing merchants in Latin America to use physical or virtual cards linked to their digital asset wallets for transactions anywhere Visa is accepted. This blockchain-based system provides faster cross-border payments, better security, and simplified financial management, meeting the growing demand for efficient and innovative payment methods.
Nuvei's solution also aims to improve operational liquidity and reduce currency-related complexities, making it an important step in increasing the accessibility of digital payments for businesses in the region. Our collaboration with Rain and BitGo ensures robust digital asset custody and simple connectivity between traditional financial systems and the evolving blockchain ecosystem.
The launch builds on Nuvei's continued expansion in Latin America, including becoming the first global payments provider to introduce direct local acquisition in Colombia and launching local acquisition services in Mexico. , milestones include securing a payment institution license in Brazil.
Rapid increase in e-commerce in Latin America
Latin America is experiencing rapid growth in e-commerce, emerging as one of the world's fastest-growing digital economies. According to Statista data, the region's e-commerce market is expected to reach USD 146.4 by the end of 2024 due to increasing internet penetration and smartphone penetration. Brazil leads the market, accounting for 55% of total regional sales. Additionally, digital payments are on the rise, with mobile wallets and alternative payment methods being widely adopted. This change is being driven by demand for convenience and access to global markets, especially among the region's tech-savvy young population. However, the majority of transactions still rely on cash, reflecting the ongoing transition to a fully digital payments ecosystem.
Despite its promising growth, Latin America's e-commerce sector faces significant challenges that hinder its potential, with currency fluctuations being a significant issue. Furthermore, limited access to global payments infrastructure limits the international expansion of small and medium-sized enterprises. These challenges highlight the demand for blockchain-based solutions that offer lower fees, stablecoin options that reduce currency risk, and broader access to global financial networks, making them increasingly popular for businesses in the region. This makes it an attractive option.
