Nuvei Corporation, the Canadian fintech company, has revealed its collaboration with Visa, a well-known figure in digital payments, to introduce Visa Direct in Colombia. Nuvei becomes the first global payments provider to extend Visa Direct to its clientele in the country.

Transferring Funds to Financial Account

Visa Direct, a capability within VisaNet processing, facilitates secure and nearly instantaneous funds transfer directly to financial accounts via card credentials. This feature caters to various applications such as person-to-person payments, fund disbursements, bill payments , or cross-border remittances, directly to eligible debit or prepaid cards.

Colombian merchants gain access to Visa Direct through Nuvei's comprehensive modular payments technology platform. Leveraging Visa Direct, Nuvei's merchants can offer instant payout services to their customers, with transactions processed nearly in real-time.

The provision of instant payouts to cards empowers businesses to furnish a quicker, more secure, and smooth payment experience across diverse industries reliant on payouts.

"Offering instant payouts through Visa Direct supports our strategy of providing best-in-class payment solutions tailored to the needs of each market we serve," commented Philip Fayer, Nuvei's Chair and CEO.

"Colombia is one of the fastest-growing eCommerce markets in Latin America, and we're proud to deliver innovative ways for our customers to optimize their payment flows, enhance user experiences, and operate with maximum efficiency."

Expanding Payment Offerings with Integration

The partnership with Visa to deploy Visa Direct underscores Nuvei's pioneering role in introducing cutting-edge payment solutions in Colombia. Recently, Nuvei became the inaugural global payments provider to offer direct local acquiring in the country, enabling online businesses to accept card payments sans reliance on intermediaries or third-party payment processors.

Visa Direct is already accessible to Nuvei's partner merchants in over 30 European countries, including the UK, as well as in North America's US and Canada, and in the APAC regions of Hong Kong and Singapore. The extension of Visa Direct access to Colombian businesses marks the latest expansion of the global strategic collaboration between Nuvei and Visa.