Le Panier Bleu partners with Nuvei to enhance payments for its marketplace platform in Quebec

Rhea-AI Summary

Nuvei Corporation (Nasdaq: NVEI) has been chosen as the exclusive payment technology provider for Le Panier Bleu, an online marketplace in Quebec. This partnership aims to enhance eCommerce services for small and medium-sized enterprises (SMEs) by leveraging Nuvei for Platforms, which offers integrated payments solutions. The initiative is focused on helping local merchants compete against larger eCommerce players by providing customizable payment services. Le Panier Bleu currently features over 200 merchants and aims to triple its offerings by year's end. This collaboration reflects Nuvei’s commitment to supporting regional economies and strengthening the local eCommerce landscape.

Positive

• Nuvei appointed as exclusive payment technology provider for Le Panier Bleu.
• Partnership aims to provide enterprise-level payment solutions to SMEs.
• Le Panier Bleu plans to triple the number of merchants by year-end.

Negative

• None.

Nuvei for Platforms is bringing enterprise-level payments solutions to eCommerce businesses in the Canadian province to accelerate SME revenue growth

MONTREAL, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today it has been selected as the exclusive payment technology provider for Le Panier Bleu, an online marketplace platform supporting businesses in the Canadian province of Quebec.

Le Panier Bleu is utilizing Nuvei’s market-leading integrated payments technology, Nuvei for Platforms, to provide access to enterprise-level payments solutions to small and medium-sized business through its eCommerce platform.

To compete with global eCommerce giants it is essential Le Panier Bleu merchants are able to benefit from turnkey, efficient, customizable and accessible payment services where the online shopping customer experience can be personally tailored.

Nuvei for Platforms is packaged with the complete functionality of Nuvei’s core modular platform, including merchant onboarding, pay-ins and payouts, optimization, orchestration, fraud prevention, risk management, and much more, all in a single seamless integration.

Digital marketplaces and the future of eCommerce

Digital marketplaces are dominating the eCommerce landscape and the opportunities for businesses are growing. Within retail eCommerce sales marketplaces now have a leading position over traditional direct web sales, accounting for more than half of global sales currently, and are predicted to grow to 59% of all eCommerce by 2027. Multi-vendor marketplace platforms enable merchants to set up portals featuring their unique inventories and services in a trusted location that can draw together thousands of merchants. However, their continued success increasingly relies on democratizing payments that accelerate growth and win customers to enable small businesses to thrive in a highly competitive environment.

Getting the Quebec economy rolling

Initially a non-profit organization supported by the provincial government, and now a private company backed by institutional investors, Le Panier Bleu is an eCommerce portal based in Quebec that promotes and sells goods from the region’s merchants. It has been designed, as its own tagline indicates, to ‘get our economy rolling’.

The marketplace already includes more than 200 Quebec merchants, selling 40,000 products, and is working to triple the number of businesses using the eCommerce hub before the end of the year.

“Le Panier Bleu is dedicated to driving the Quebec economy by helping smaller merchants compete more effectively with bigger companies. We want to be the marketplace platform of choice for our online shoppers while supporting our region’s businesses with their current and future eCommerce needs,” commented Le Panier Bleu General Manager Alain Dumas.

“Smooth, safe and hassle-free payments are integral to that and Nuvei helps us provide seamless transactions between our merchants and their customers,” Dumas said.

“As a disruptive and growing business with our own Canadian heritage, we are proud to support Le Panier Bleu’s new community-centric marketplace and to help businesses in North America and beyond accelerate their growth with our customizable and comprehensive approach to integrated payments,” added Nuvei Chair and CEO Philip Fayer.

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 45+ markets, 150 currencies and more than 580 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

FAQ

What does Nuvei's partnership with Le Panier Bleu mean for NVEI investors?

The partnership aims to enhance eCommerce services for SMEs, potentially leading to increased transaction volumes and revenue for Nuvei, benefiting NVEI investors.

How many merchants does Le Panier Bleu currently have?

Le Panier Bleu currently features over 200 merchants.

What is the goal of Le Panier Bleu by the end of the year?

Le Panier Bleu aims to triple the number of merchants on its platform before the end of the year.

What payment solutions will Nuvei provide to Le Panier Bleu?

Nuvei will offer integrated payments solutions through Nuvei for Platforms to improve the online shopping experience.

How does this partnership impact the eCommerce landscape in Quebec?

This partnership is designed to help local merchants compete with larger eCommerce platforms, thereby boosting the local economy.