The Canadian fintech firm, Nuvei and the global payments giant, MasterCard have joined forces to offer a new payment system for traders in the Asia Pacific (APAC) region. According to the companies, this collaboration is set to deliver instant cash-outs to online trading platforms and investors throughout the APAC region.
Through Mastercard Send, a service that facilitates real-time fund transfers across more than 100 markets, Nuvei's customers in Singapore are already using the payout system. The reach of this service is expected to extend to Australia and Hong Kong SAR later this year, linking disbursements and funding transactions involving 1.5 billion debit, credit, and prepaid MasterCard cards.
Instant Payouts for APAC Traders
According to Nuvei's Chair and CEO, Philip Fayer: "Trading platforms rely on fast, secure deposits and payouts to optimize user experience. Partnering with Mastercard Send enables us to offer our partners another trusted, instant payout method that will win new traders and generate revenue growth."
The companies are projecting that the rise in online trading will boost the adoption of their new offering. In the joint statement, the firms cited a report by Fortune Business Insights, which projects exponential growth in the global online trading platform market, expected to skyrocket from USD $9.94 billion in 2023 to a staggering USD $15 billion by 2030.
One notable trading platform currently using Mastercard Send to enhance the payout experience for its users is Plus500. The company allows online traders to access cash-outs for their investments, fortified by MasterCard's fraud protection measures. The process requires traders to input their card details and initiate a request through Mastercard Send on the platform's cashier section.
Nuvei's Financial Performance and Market Expansion
More than two weeks ago, Nuvei released its financial report for the second quarter of the year, highlighting an increase of 68% in total volume, reaching USD $50 billion compared to USD $30 billion in the same period of the previous year.
The company's revenue also experienced substantial growth, surging 45% to USD $307 million from USD $211 million in the same quarter of the previous year. While Nuvei's net income for the quarter was USD $11 million, compared to USD $35 million in the previous year, these figures included an increase of USD $31 million in finance costs.
In January, Nuvei announced plans to acquire the Atlanta-based integrated payments provider Paya in a deal worth USD $1.3 billion. Under the terms of the agreement, Nuvei indicated that it was acquiring the company at USD $9.75 per share in cash, Finance Magnates reported.
