This initiative leverages strategic collaborations with Rain, a global issuing partner, BitGo, a digital asset custodian, and Visa. The solution enables businesses to use stablecoins, including USDC, to simplify global settlements, and reduce reliance on traditional payment systems.
The new payment platform integrates with Visa’s network, allowing LATAM merchants to utilise physical or virtual cards linked to digital asset wallets for transactions wherever Visa is accepted. This blockchain-based system offers faster cross-border payments, better security, and simplified treasury management, addressing the growing demand for efficient and innovative payment methods.
Nuvei's solution also aims to improve operational liquidity and reduce currency-related complexities, marking a significant step in advancing digital payment accessibility for businesses in the region. The collaboration with Rain and BitGo ensures robust digital asset custody and simple connectivity between traditional financial systems and the evolving blockchain ecosystem.
This launch builds on Nuvei’s ongoing expansion in LATAM, which includes milestones like being the first global payment provider to introduce direct local acquiring in Colombia, launching local acquiring services in Mexico, and securing a Payment Institution licence in Brazil.
Latin America is experiencing rapid ecommerce growth, emerging as one of the fastest-growing digital economies worldwide. According to data from Statista, the region's ecommerce market is projected to reach USD 146.4 by the end of 2024, driven by increasing internet penetration and smartphone adoption. 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 seeing widespread adoption. This shift is fueled by the demand for convenience and access to global marketplaces, particularly among the region's younger, tech-savvy population. However, a significant portion of transactions still relies on cash, reflecting the ongoing transition to a fully digital payment ecosystem.
Despite its promising growth, Latin America’s ecommerce sector faces notable challenges that hinder its potential, with currency volatility being a critical issue. Furthermore, limited access to global payment infrastructure restricts SMEs from scaling internationally. These challenges highlight the demand for blockchain-based solutions, which offer lower fees, stablecoin options to mitigate currency risks, and broader access to global financial networks, making them an increasingly attractive option for businesses in the region.
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