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Nuvei launches card issuing

Thursday 30 November 2023 10:06 CET | News

Nuvei, a Canada-based fintech, has launched its card issuing solution in 30 markets globally to offer their customers physical and virtual white-labelled cards. 

 

The company’s global acquiring footprint, combined with the newly launched issuing capability, aims to create a differentiated value proposition for both Nuvei and its clients. The combination of issuing and acquiring capabilities offers revenue-accelerating benefits to customers through same-day funding, on-us processing, interchange optimisation, and instant transaction reporting.

Nuvei, a Canada-based fintech, has launched its card issuing solution in 30 markets globally to offer their customers physical and virtual white-labelled cards.

The offering is currently available in 30 markets across the European Economic Area, with a roll-out to the UK, US and LATAM planned for 2024.  

Use cases the service will offer businesses  

  • Virtual cards for B2B customers to pay suppliers; 

  • Payment cards for payouts, which has utility for customers operating in marketplaces, insurance, iGaming or the gig economy; 

  • Wallet-as-a-Service, where Nuvei will manage the entire end-to-end process and distribution for customers, supporting specific use cases such as loyalty programs. 

Benefits Nuvei issued cards bring to businesses, their employees, and their customers

  • Working capital efficiency: virtual cards enable businesses to instantly access and utilise funds collected from their customers. Once the customer’s transactions have been captured, virtual cards can instantly be issued and used by the merchant to pay suppliers, employees, or other customers. There is no need to wait for the funds to settle before making use of them, thereby enhancing working capital. This benefit can be useful for instance, in the case of online travel agents purchasing flights or hotel tickets on behalf of their customers. 

  • Improved authorisation rates: When merchant-branded cards are used for purchases and Nuvei is both the issuer and acquirer, transaction approval rates can increase. One use case for this capability can be seen in the retail sector when merchants issue their customers refunds on a virtual or physical card and those customers use their funds in the same store. If transactions are acquired through the same payment processor who issued the card, approval rate improvements will be seen. 

  • Smooth and cost-effective payouts: virtual and physical cards are fast and easy to issue. They enable businesses to push funds out to their customers or workforce at speed, and often lower cost than traditional payouts to existing cards or directly into bank accounts. Insurance claims, government disbursements, and gig economy payouts are primary use cases where card issuing can add value. Because once issued, virtual cards can be used instantly, anywhere cards are accepted, this proposition also creates value in areas where businesses or governments must make payments to parts of the population that are unbanked. 

  • Increased customer loyalty: merchant-issued cards can be both physical and virtual and are white labelled to the merchant’s brand. This can help increase brand awareness and affinity while giving merchants an opportunity to reward their customers.

About Nuvei   

Nuvei aims to accelerate the business of clients around the world. Nuvei’s modular, flexible, and scalable technology allows companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in more than 47 markets, 150 currencies and 669 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. 

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Keywords: credit card, Issuer, Acquirer, payments , online payments, product launch
Categories: Payments & Commerce
Companies: Nuvei
Countries: World
This article is part of category

Payments & Commerce

Nuvei

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