Nuvei launches blockchain payment solution for LATAM

Canadian fintech company Nuvei has introduced a new blockchain solution targeting merchants in Latin America.

In its announcement on December 4, Nuvei said it would partner with several companies to bring this solution to the region. Partners include vertically integrated issuance partner Rain, backed by Coinbase Ventures and Circle Ventures, crypto custody and wallet provider BitGo, and global payments giant Visa.

Nuvei leverages the various solutions offered through these platforms to make it easier for businesses to use stablecoins as a payment option. Supported stablecoins include USDC (USDC).

Thanks to the collaboration, the Canada-based company allows merchants in the Latin American region to benefit from blockchain payments. LATAM merchants can use Visa-backed physical or virtual cards for payments with stablecoins worldwide.

“By integrating stablecoin technology into our B2B payment platform, we ensure our merchants consistently gain unparalleled flexibility, security and global reach,” Nuvei President and CEO Philip Fayer said in a statement.

In September 2023, Visa announced that it was testing a USDC payment initiative on the Solana blockchain. The project aimed to leverage stablecoin through Nuvei and fellow merchant bank Worldpay.

As the adoption of stablecoin payments and settlements increases, various providers and industry players have begun to look for innovative ways to engage traditional financial rails. LATAM is one of the regions seeing this increased interest, with support programs from leading stablecoin issuers Tether and Circle.

Both companies have significant partnerships in the region; Mexico, Colombia and Brazil are among the main destinations.

In June 2024, blockchain firm Kaiko published a report showing that USDT was much more popular in LATAM than the flagship digital asset Bitcoin, whose value recently rose to $100,000.