Mastercard and Nuvei have announced an integration of Mastercard Send into Nuvei’s payment technology platform, which will now enable faster payouts to its clients, settling funds quickly and securely. No additional development is required. Typically, the processing of withdrawals was time-consuming, often taking days to complete.
This will greatly benefit online trading platforms and investors in the Asian-Pacific (APAC) region. Later this year, this service will be expanded to Hong Kong and Australia.
“Trading platforms rely on fast, secure deposits and payouts to optimize user experience,” Nuvei Chair and CEO Philip Fayer said in a prepared statement. “Partnering with Mastercard Send enables us to offer our partners another trusted, instant payout method that will win new traders and generate revenue growth.”
Faster, Seamless Payments Should Be Table Stakes
More than ever, consumers and businesses are looking for a faster, safer, and more convenient payment experience. Traditional payment methods are not meeting this growing need, and payers are ready to look elsewhere for these solutions.
Having been adopted in the United States in the past five years, real-time payments are also seeing dramatic growth. The use cases are also growing, with consumers widely adopting P2P platforms. Businesses wanting to pay their suppliers faster and more inexpensively are also looking into B2B solutions to request payments and pay invoices.
By 2027, real-time payments in the APAC region are poised to reach 12% of all payments, whereas North America is projected to see just 5%.
Without question, customers and businesses will be on the lookout for payment providers that offer real-time payments. These providers should take note: If they want to remain competitive in this ever-changing payment landscape, this offer will be a key differentiation.