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Nuvei offers direct local acquiring in Colombia

Wednesday 21 February 2024 14:40 CET | News

Canada-based fintech Nuvei has launched direct local acquiring in Colombia in a bid to expand its presence in Latin America.

 

With this launch, Nuvei becomes the first global payments company to offer direct local acquisition in Colombia. This capability enables both local and international partners to accept card payments from customers within the country without the need for intermediaries or third-party payment processors. By simplifying payment relationships, ecommerce businesses gain greater control over transaction flow management and can provide a more localised payments experience for their customers. 

The expansion into Colombia is part of Nuvei's broader strategy to extend its global reach and help partners to better engage with customers through payments, irrespective of their location or preferred payment method. Additionally, businesses operating in Colombia can benefit from improved reporting capabilities, as all global transaction data is consolidated, facilitating easier analysis and informed decision-making. 

Nuvei's global reach also offers Colombian businesses looking to scale rapidly the opportunity to leverage its infrastructure for quick and efficient international expansion. Direct local acquiring provides several benefits to ecommerce businesses operating in Colombia, including increased card authorisation rates, reduced settlement times, and optimised processing resource commitments.

 

Canada-based fintech Nuvei has launched direct local acquiring in Colombia in a bid to expand its presence in Latin America.

 

Ecommerce growth in Latin America

According to Nuvei, Latin America is recognised as one of the fastest-growing regions globally, with Colombia being the third-largest ecommerce market within LATAM, reaching a volume of USD 42.3 billion in 2023. Forecasts suggest that Colombia's ecommerce volume will reach USD 87 billion by 2026, with a projected compound annual growth rate (CAGR) of 27%. 

In the official press release, representatives from Nuvei emphasised the significance of launching direct local acquiring capabilities in Colombia, stating that it enhances the company's presence in LATAM and underscores its commitment to regional growth. Nuvei is already active in over 11 LATAM markets through direct integration into local acquirers and networks. 

With local acquiring capabilities spanning 50 markets and connectivity to 680 local Alternative Payment Methods (APMs), Nuvei aims to bring payments to a hyper-localised level on a global scale. By supporting businesses in expanding internationally while optimising their payments function, Nuvei seeks to facilitate seamless cross-border transactions. 

For more information about Nuvei, please check out their detailed profile in our dedicated, industry-specific Company Database.


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Keywords: product launch, expansion, ecommerce, fintech
Categories: Payments & Commerce
Companies: Nuvei
Countries: Colombia
This article is part of category

Payments & Commerce

Nuvei

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