Nuvei announces next step in its global expansion plan with Australia launch

Rhea-AI Summary

Nuvei has launched its payment solutions in Australia, catering to the country's robust eCommerce sector, valued at $47 billion with 8.9% growth in 2022. This expansion follows successful launches in Singapore and Hong Kong. With regulatory licenses secured, Australian businesses can utilize local acquiring to enhance payment acceptance and minimize risks. The integration of the New Payments Platform (NPP) allows for instant, year-round settlements, greatly benefiting fast-paced industries. Nuvei's platform supports over 600 alternative payment methods, aligning with Australia's high internet penetration of 91%, where over 90% of online users shop online.

Positive

• Successful expansion into Australia, the world's 12th largest economy.
• Access to a significant eCommerce market valued at $47 billion with 8.9% growth.
• Local acquiring capabilities enhance payment acceptance and reduce risks.
• Integration of the New Payments Platform (NPP) for instant settlements beneficial for critical industries.
• Ability to support over 600 alternative payment methods aligns with growing consumer preferences.

Negative

• None.

Nuvei is enabling eCommerce businesses in the world’s 12th largest economy to accelerate their growth

MONTREAL, March 05, 2023 (GLOBE NEWSWIRE) -- Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, announces today that businesses operating in Australia can now access its full suite of market-leading payments solutions including acquiring, processing, alternative payment methods and risk management.

Australian businesses operating locally and globally will benefit from Nuvei’s cutting-edge, agile technology that’s built to accelerate their growth. Nuvei’s payments platform enables businesses to optimize operating costs and boost conversion rates by maximizing payments acceptance, minimizing risk, and enhancing the consumer payment experience. This includes offering all local and relevant payment methods.

Launching in Australia is the latest initiative from Nuvei as it continues to grow its presence and capabilities in the Asia-Pacific (APAC) region, following its successful launch in Singapore and Hong Kong in 2022.

Nuvei Chair and CEO Philip Payer commented on the announcement: “Our mission is to help our customers connect with their customers regardless of location, payment method or currency. Launching in Australia is a natural step for our continued expansion in APAC, having already established a strong and growing presence in the region.”

Nuvei is launching in Australia having secured regulatory and scheme licenses to support customers with local acquiring in the country.

Fayer continued: “We know the role local acquiring plays in payments optimization, which is why Nuvei’s local acquiring network across the globe is unparalleled. Being able to support merchants in Hong Kong, Singapore, and now Australia with local acquiring solutions demonstrates our commitment to our customers’ growth.”

While debit and credit card payments are the preeminent online payment method for Australian consumers, alternative payment methods (APMs) are also growing in popularity. Nuvei technology enables businesses to accept all the relevant payment methods in the region (including local currencies for cross-border transactions) in addition to card acquiring. This includes New Payments Platform (NPP), Australia’s account-to-account fast payments open access infrastructure, giving consumers even more choice over their payments experience.

Benefits of NPP for consumers include instant, 24/7/365 settlements, making this payment method particularly relevant for industries where payouts are critical to the overall payments experience.

Australia is a significant market for eCommerce in APAC and globally. It is the world’s 12^th largest economy and had an eCommerce market value of $47bn (with 8.9% growth)[1] in 2022. Internet penetration in Australia is 91%[2] and over 90% of Australian internet users make online purchases.

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 600 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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[1] https://www.savvy.com.au/australias-online-shopping-behaviour-report-2022/#:~:text=Australia's%20online%20shopping%20industry%20is,retail%20therapy%20continues%20to%20skyrocket

[2] https://www.statista.com/statistics/680142/australia-internet-penetration/

FAQ

What is Nuvei's recent expansion in Australia about?

Nuvei has launched its full suite of payments solutions in Australia to support local and global eCommerce businesses.

How large is the eCommerce market in Australia?

Australia's eCommerce market was valued at $47 billion in 2022, with a growth rate of 8.9%.

What payment methods does Nuvei support in Australia?

Nuvei supports debit and credit cards along with alternative payment methods through the New Payments Platform.

What benefits does the New Payments Platform (NPP) provide?

NPP offers instant, 24/7 settlements, enhancing the payment experience for critical industries.

How does Nuvei's local acquiring benefit Australian businesses?

Local acquiring helps businesses optimize payment acceptance and reduce risks associated with transactions.