Nuvei introduces a blockchain-based payment solution for the LATAM region

On December 4, Nuvei, a Canadian fintech company known for providing global payment solutions, introduced an innovative blockchain payment solution tailored for merchants in Latin America. This initiative marks a significant step in expanding the adoption of blockchain technology and stablecoin payments in a region that has seen a surge in cryptocurrency interest. The solution is being launched in collaboration with several key industry players, including Rain, BitGo, and Visa. These strategic partnerships are designed to enhance Nuvei’s ability to offer a seamless, secure, and efficient payment experience for businesses in the region.

The integration of these platforms allows Nuvei to provide merchants with the ability to use stablecoins such as USDC (a popular stablecoin pegged to the US dollar) for transactions. Stablecoins are particularly appealing for businesses due to their price stability, especially in regions where fiat currencies may face volatility. By incorporating stablecoin technology into its payment systems, Nuvei ensures that merchants can engage in cross-border transactions with a currency that avoids the volatility commonly associated with cryptocurrencies like Bitcoin.

As part of this collaboration, Nuvei is enabling merchants in Latin America to access Visa-supported physical and virtual cards. These cards allow stablecoin payments to be used across the globe, opening up new avenues for businesses to engage in international trade with minimal friction. The partnership with Visa, a global leader in payments, provides a strong foundation for this blockchain-based payment solution, ensuring that it is compatible with a wide range of traditional financial systems. This offers merchants in LATAM greater flexibility, security, and ease when making payments internationally.

Philip Fayer, Nuvei’s Chair and CEO, highlighted the importance of stablecoins in modernizing payment infrastructure for businesses. By incorporating blockchain and stablecoin technology into their B2B settlement systems, Nuvei aims to provide merchants with more control over their financial transactions. These solutions are designed to be both flexible and secure, ensuring that merchants can benefit from global reach and secure digital transactions. The blockchain-based payment infrastructure allows for faster and cheaper cross-border payments, which is essential for LATAM businesses involved in international trade.

This strategic initiative is in line with the increasing adoption of stablecoins and blockchain technology as viable alternatives to traditional payment systems. For example, Visa’s collaboration with Nuvei follows its own exploration of stablecoin settlements. In September 2023, Visa began testing a USDC settlement payment initiative, leveraging the Solana blockchain to offer fast and low-cost transactions. This highlights the growing interest among major financial institutions in incorporating blockchain and stablecoin technology into their operations.

Latin America has become a key region for cryptocurrency adoption, and stablecoin use is gaining traction as a result. The increasing adoption of USDT (Tether) and USDC (Circle) in countries like Mexico, Colombia, and Brazil reflects the growing interest in these digital assets. According to recent reports, USDT is now more widely used than Bitcoin in some LATAM countries, as it offers a more stable alternative to cryptocurrencies subject to high volatility. This trend is further bolstered by the presence of companies like Tether and Circle, which are actively supporting the adoption of stablecoins through various partnerships and initiatives across the region.

As more businesses and individuals in Latin America embrace cryptocurrency and blockchain-based solutions, the region is becoming a significant player in the global digital asset ecosystem. Nuvei’s blockchain payment solution is a timely response to this growing demand, allowing LATAM merchants to seamlessly integrate stablecoins into their payment systems, reduce transaction costs, and access a broader global market. By facilitating the use of stablecoins for both B2B and consumer-facing transactions, Nuvei is helping businesses in the region remain competitive in the rapidly evolving digital economy.

In summary, Nuvei’s new blockchain payment solution for Latin America is a significant step forward in the adoption of cryptocurrency and blockchain technology in the region. By enabling businesses to use stablecoins like USDC, Nuvei is offering a secure, flexible, and efficient way for merchants to engage in cross-border transactions. With the support of partners like Visa, BitGo, and Rain, Nuvei is poised to play a key role in the continued growth of stablecoin adoption in Latin America. This move underscores the broader trend of digital currencies and blockchain solutions becoming increasingly integral to the global financial ecosystem, especially in emerging markets like LATAM.