Mastercard Expands Partnership with Nuvei, Facilitating Accelerated Payouts with Mastercard Send
Fintech alliance provides Nuvei’s merchants with access to leading end-to-end ‘push to pay’ alternative
MONTREAL and NICOSIA, Cyprus, March 23, 2021 (GLOBE NEWSWIRE) -- Mastercard and Nuvei Corporation (TSX: NVEI and NVEI.U) announced today that Mastercard Send will be integrated into Nuvei's payment technology platform through its wholly owned subsidiary. The move strengthens the relationship between the two parties and provides a powerful new tool to Nuvei clients.
Mastercard Send is a global push payments platform that enhances worldwide payout capabilities for businesses by speeding up the process considerably with no sacrifice to security. Available to Nuvei clients via their existing payment integration, this service is expected to benefit businesses in industries ranging from insurance to ride-sharing.
It combines speedy disbursement of funds with the trustworthiness and reputation of a legacy brand, providing a new avenue by which businesses can safely supply their customers both domestically and internationally. Speed and security in online payments are more important today than ever, as pandemic-related restrictions have shifted an unprecedented share of transaction activity online.
For Nuvei, Mastercard Send is a valuable addition to the comprehensive global payment solutions for which it is known, with the added value of the consumer confidence imparted by the Mastercard brand and its tried and tested infrastructure.
The service is now available to Nuvei clients via their existing integration, with no additional development. Mastercard Send functions seamlessly alongside Nuvei’s existing range of solutions. In addition, transaction data pertaining to the service is available via customizable reports through Nuvei's proprietary merchant dashboard.
Traditionally, the processing of withdrawals has been a slow procedure, taking days to administer. Mastercard Send dramatically cuts down the wait times. Mastercard Send enables Nuvei’s clients to offer fast payouts, directly settling funds to their customers quickly and securely.
Mastercard Send use-cases include payroll payments, social benefits, tax refunds, marketplace payouts, insurance claims and gaming payouts as well as refunds - all situations where settlement speed is critical. Reconciliation is automatic because the payment and invoice will always match, further saving time and accountancy costs.
“We are very pleased to broaden our partnership with Nuvei and to provide fast and secure payouts to their clients,” said Aspa Palimeri, Country Manager for Greece, Cyprus and Malta. “We are certain that both merchants and their customers will greatly benefit from our service especially in this increasingly digital economy.”
"We’re thrilled to deepen our strong relationship with Mastercard by adding Mastercard Send to our global platform, providing our clients with another powerful choice for fund disbursement,” said Philip Fayer, Nuvei’s chairman and CEO. “In our quest to provide seamless payment journeys worldwide, Mastercard Send will help our clients transmit funds without lengthy waits, while maintaining security and compliance."
About Mastercard
Mastercard, is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Nuvei
We are Nuvei (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform offers direct connections to all major payment card schemes in over 200 markets worldwide, supports 455 local and alternative payment methods and nearly 150 currencies. Our purpose is to make our world a local marketplace.
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