Nuvei Corporation, a Canadian fintech company, announced a partnership with Mastercard today. This partnership will launch a new off-ramping solution in Europe. The solution allows consumers to convert their digital assets, including cryptocurrencies, into traditional fiat currency. They can do this using debit, credit, and prepaid cards.

Digital Finance Bridge

This new function bridges digital and traditional finance. Consumers can spend their converted funds through Mastercard's global network. The off-ramping solution is part of Nuvei's modular payment platform. It aims to offer a simple and secure user experience.

Consumers can convert a wide range of supported digital assets into fiat currency. They can then transfer the funds to their eligible Mastercard in near real-time. This process uses Mastercard Move's money movement capabilities. The integrated solution removes the need for third-party exchanges or money service businesses.

“We're excited to collaborate with Mastercard to accommodate access liquidity and payments for Digital Asset holders,” commented Philip Fayer, Chair and CEO of Nuvei.

“Our mission is to enable businesses and their customers to connect through payments, wherever consumers are and however they want to pay. Offering crypto off-ramps through our single integration aligns perfectly with this mission to facilitate frictionless transactions across the digital economy.”

Nuvei introduces off-ramping of Digital Assets to cards via Mastercard Move in Europe https://t.co/VXicQFHfWN #2024Trends #blockchain #banking #futuretechnology #financetechnology

— Global FinTech Series (@FinTech_Series) July 11, 2024

Blockchain Payment Integration

Nuvei's off-ramp solution with Mastercard is part of its strategy. It aims to connect traditional payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, open banking, and blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology into one seamless experience.

“Enabling choice how consumers can engage in Digital Assets in a safe, simple and secure manner in line with all relevant regulation is at the heart of our strategy in this space,” added Christian Rau, Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe.

“Combining our global network of partners and digital solutions with Nuvei's advanced integration opens new opportunities and choice for businesses engaging in digital assets and consumers alike.”