Canadian fintech company Nuvei (Nasdaq: NVEI) and Mastercard (NYSE: MA) are collaborating to enable near instantaneous payout capabilities for businesses in Canada.
Nuvei will leverage Mastercard Move’s money movement capabilities to facilitate “payouts to a consumer’s Debit Mastercard or Reloadable Mastercard Prepaid card.”
Mastercard Move provides financial institutions, fintech companies and their customers “with a fast, secure money transfer solution, both domestically and internationally.”
The portfolio reaches nearly 10 billion endpoints worldwide – “including bank accounts, digital wallets, cards and cash-out locations – across 180 countries in over 150 currencies.”
Darrell MacMullin, Senior Vice President, Commercial and New Payment Flows, Mastercard, Canada said:
“Near real-time access to funds is key. With Mastercard Move, Nuvei’s partners and customers can improve the payments experience for use cases like online gaming disbursements or fast refunds for greater customer satisfaction.”
For Canadian companies working with Nuvei, Mastercard Move offers a simplified payment experience “by sending payment directly to their consumers’ eligible Mastercard, reducing the dependency on slower bank transfers or cheques.”
This experience can be added to a business’ payments offering “through their existing single integration to the Nuvei core platform.”
This announcement is the latest from Mastercard and Nuvei as they further extend their global collaboration, “providing businesses with innovative payments solutions to reach their customers.”
Mastercard works with financial technology companies and financial institutions to “enable seamless disbursements in Canada and around the world for use-cases like fast refunds, gig payouts, on-demand wage access and winning payouts for merchants, acquirers, governments and consumers.”
As covered, Nuvei is the Canadian fintech company “accelerating the business of clients around the world.”
Nuvei’s modular, flexible and scalable technology “allows 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 more than 634 alternative payment methods, Nuvei provides “the technology and insights for customers and partners to succeed locally and globally with one integration.”
Mastercard powers economies and “empowers people in 200+ countries and territories worldwide.”
Together with their customers, they are building “a resilient economy where everyone can prosper.”
They support a wide range of digital payments choices, “making transactions secure, simple, smart and accessible.”
Their technology and innovation, partnerships and networks combine to deliver “a set of products and services that help people, businesses and governments realize their greatest potential.”
