Nuvei is expanding its acquiring services to the UAE and North Africa. Its platform supports around 150 currencies and 40 cryptocurrencies.
Nuvei Corporation, the global payment technology provider, announced on December 10 its expansion of local acquiring services to support merchants in the UAE and North Africa. Nuvei is certified by the Dubai Multi Commodities Centre (DMCC) and licensed to operate in the free trade zone. This new development positions the Company well to support its existing merchant base and local merchants and international businesses looking to expand their footprint into this booming market.
Nuvei provides the intelligence and technology businesses need, uniting payment technology and consulting to help companies remove payment barriers, optimize operating costs and increase acceptance rates. Nuvei’s proprietary platform provides seamless pay-in and payout capabilities, supporting over 500 local and alternative payment methods, nearly 150 currencies, and 40 cryptocurrencies.
With an increasing population, the UAE and North Africa have the exploding cross-border payment potential: 60% of UAE consumers have purchased from an international online retailer. Alternative payment methods (APMs) like Google Pay and Apple Pay also gain significant traction. Nuvei will support growth-minded merchants by offering access to its full stack of innovative solutions, including APMs and other locally-preferred payment methods, plus direct connectivity to all the major payment cards. Through one single point of integration, merchants will benefit from seamless, secure, and compliant payments for their customers.
Philip Fayer, Nuvei’s Chair and CEO, said in a statement: “This launch marks the acceleration of our strategic global expansion plans. Investing in a physical presence and benefiting from our experts’ local market knowledge will make a huge difference to our existing clients in the region, as well as the many domestic and international businesses looking to optimize their payment strategies in this flourishing market.”
According to Global Data, the UAE’s eCommerce market has grown by 33% in five years and is expected to grow another 104% by 2024. Through Nuvei’s technology, merchants can tap into this potential, enabling them to support local and overseas consumers’ different preferences and requirements. In addition, merchants will benefit from the Company’s state-of-the-art tools, increasing approval rates, reducing the traditional manual and lengthy onboarding process, and associated high payment fees.
“We have experienced a surge in new merchant demand in the UAE and North Africa, along with calls for greater support from existing customers in the region,” added Praful Morar, Chief Strategy Officer, Digital Payments at Nuvei. “We are delighted that with our local solutions and expertise, we will be able to meet this demand, as we are seeing major traction in retail, financial services, travel, and digital goods and services.”