Ecommerce platform Ubuy selects Nuvei to accelerate its international growth

Rhea-AI Summary

Ubuy integrates with Nuvei to enhance customer checkout experience and expand into new markets

Positive

• Ubuy can now offer customers 634 alternative payment methods through Nuvei's integration
• Access to leading payment methods globally will enable Ubuy to scale internationally

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• None.

Ubuy is reaching more customers across the globe through its integration to Nuvei’s industry-leading suite of alternative payment methods

MONTREAL and KUWAIT CITY, KUWAIT, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that it has been selected by Ubuy, a leading international eCommerce platform based in Kuwait that specializes in connecting consumers all over the world with global brands, to enhance its customer checkout experience.

Ubuy is leveraging Nuvei’s global reach, local payments market expertise, and extensive suite of alternative payment methods (APMs), to enter new markets and offer its customers a diverse selection of payment options. Nuvei currently offers its customers access to 634 APMs, all available through a single integration. Online businesses can tailor each respective end market via the most relevant payment methods for that region to optimize the consumer checkout experience.

Alternative payment methods are increasingly critical to international expansion and accelerating growth for eCommerce businesses. Consumer payment preferences are constantly evolving, with a number of APMs such as Alipay (China), iDEAL (The Netherlands), and PIX (Brazil) now being the preferred online payment method for consumers in their region. Ubuy is enabling its customers in all three of these markets to pay using these preferred methods, as well as the most popular methods in many other markets, through its integration with Nuvei. Alternative payment methods also enable consumers to complete a purchase when a card transaction fails, ensuring customer retention and further boosting revenues.

Having access to all the leading payment methods in every market globally will enable Ubuy to scale internationally without compromising on its commitment to offering a ubiquitous consumer eCommerce experience to all its customers, no matter where they are located.

Ubuy's CTO & Founder, Dhari Al Abdulhadi, commented on the announcement: “It is important for us to offer an industry-leading eCommerce experience for our customers, including enabling them to complete purchases via any of the payment methods they are familiar with. We’re delighted to be partnering with Nuvei to offer all the relevant payment methods our customers demand in each market we operate, through a single integration, and without the need to manage many dozens of independent relationships with payments companies.”

Philip Fayer, Nuvei Chair and CEO, added: “It is our mission to enable our customers to connect more closely to their customers through payments, wherever they are based and however they want to pay. As an eCommerce business with customers all over the world, Ubuy’s global appeal is underpinned by checkouts tailored to local markets. We’re proud to support Ubuy as it continues to accelerate its growth.”

This announcement further solidifies Nuvei’s focus and commitment to pursuing growth in the Middle East and Africa region.

About Ubuy

Founded in 2012, Ubuy is a leading cross-border retail search engine that connects customers to over 100 million unique products from top international brands. Ubuy is committed to providing the best possible shopping experience for its customers, building a connected world where quality brands are just a tap away. The platform started from Ubuy Kuwait and currently caters to their services in more than 180+ countries, fostering a global shopping community.

For more information, visit www.ubuy.com

About Nuvei 

Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading 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 47+ markets, 150 currencies and 634 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. 

For more information, visit www.nuvei.com

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