Canadian fintech Nuvei extends global expansion by launching in Australia
Canadian fintech company Nuvei has announced that businesses operating in Australia can now access its full suite of market-leading payments solutions including acquiring, processing, alternative payment methods and risk management.
Australian businesses operating locally and globally will benefit from Nuvei’s cutting-edge, agile technology that’s built to accelerate their growth. Nuvei’s payments platform enables businesses to optimize operating costs and boost conversion rates by maximizing payments acceptance, minimizing risk, and enhancing the consumer payment experience. This includes offering all local and relevant payment methods.
Launching in Australia is the latest initiative from Nuvei as it continues to grow its presence and capabilities in the Asia-Pacific region, following its successful launch in Singapore and Hong Kong in 2022.
Nuvei Chair and CEO Philip Fayer commented on the announcement, “Our mission is to help our customers connect with their customers regardless of location, payment method or currency. Launching in Australia is a natural step for our continued expansion in APAC, having already established a strong and growing presence in the region.”
Nuvei is launching in Australia having secured regulatory and scheme licenses to support customers with local acquiring in the country.
Fayer continued, “We know the role local acquiring plays in payments optimization, which is why Nuvei’s local acquiring network across the globe is unparalleled. Being able to support merchants in Hong Kong, Singapore, and now Australia with local acquiring solutions demonstrates our commitment to our customers’ growth.”
While debit and credit card payments are the preeminent online payment method for Australian consumers, alternative payment methods (APMs) are also growing in popularity. Nuvei technology enables businesses to accept all the relevant payment methods in the region (including local currencies for cross-border transactions) in addition to card acquiring. This includes New Payments Platform (NPP), Australia’s account-to-account fast payments open access infrastructure, giving consumers even more choice over their payments experience.
Benefits of NPP for consumers include instant, 24/7/365 settlements, making this payment method particularly relevant for industries where payouts are critical to the overall payments experience.
Australia is a significant market for eCommerce in APAC and globally. It is the world’s 12th largest economy and had an eCommerce market value of $47bn (with 8.9% growth) in 2022. Internet penetration in Australia is 91% and over 90% of Australian internet users make online purchases.