Canadian fintech Nuvei has launched payment settlement using stablecoin for merchants in Latin America. Interoperability platform Rain, digital custodian BitGo and card issuer Visa are its partners in the blockchain-based solution.
Ever tighter integrations in Latam
Latam merchants participating in the Nuvei solution will be able to use a physical or virtual Visa card to make payments in stablecoin from a digital wallet. BitGo will provide digital asset custody.
The service will be available anywhere Visa is accepted. It will provide faster cross-border transactions, reduced complexity and improved operational liquidity compared with traditional payment rails, according to a statement.
The statement called the new solution “Nuvei's expansion into blockchain payments,” although the company launched transactions in almost 40 cryptocurrencies in 2021.
Visa rolled out a cryptocurrency card for consumers linked to self-custody wallets in Latam in collaboration with the Avalanche Foundation in October.
Visa and Nuvei have cooperated before when Nuvei and Worldpay integrated with Visa to provide payments using Circle’s USD Coin (USDC) on the Solana and Ethereum blockchains in pilot projects.
USDC was mentioned in the announcement of the new solution, but only as an example of a stablecoin that could be used. USDC is already integrated into the real-time payment systems of Brazil and Mexico.
Nuvei has been expanding rapidly in the Latam region. In 2024, it has implemented local acquiring services in Colombia and Mexico. Local acquiring is the use of an in-country financial institution to process card payments. Nuvei also received a Payment Institution license in Brazil.
Related: Mastercard sees partnerships as key to blockchain remittances in Latam
Mastercard has a piece of the action in other regions
Nuvei partnered with Mastercard in July to provide European consumers with an off-ramp for digital assets through Mastercard’s Move. Mastercard piloted a commercial Move solution with blockchain payment firm Fnality.
Source: Nuvei
Mastercard partnered with Australian stablecoin platform Stables in 2023 to allow consumers Asia-Pacific region to spend USDC everywhere the card is accepted. Stables provided the wallet services and settlement engine for the deal. Deposits to the wallets can be made by a variety of methods. Deposits in other stablecoins are automatically converted into USDC.
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