Nuvei has announced a new partnership with Visa to offer Visa Direct in Colombia, making it the first global payments provider to do so in the country. This collaboration aims to enhance payment solutions tailored to the Colombian market’s needs, particularly in the rapidly growing eCommerce sector.
Visa Direct is a processing capability that enables near real-time fund delivery directly to accounts using card credentials. It facilitates various transactions such as person-to-person (P2P) payments, funds disbursements, bill payments, and cross-border remittances directly to debit or prepaid cards.
Through Nuvei’s payments technology platform, Colombian merchants will now have access to Visa Direct, allowing them to provide instant payout capabilities to their customers. Transactions will be routed and processed in near real-time, offering enhanced efficiency and user experiences.
Nuvei’s recent initiatives in Colombia include offering direct local acquiring services, enabling online businesses to accept card payments from customers without intermediaries or third-party payment processors.
While the adoption of services like P2P payments is on the rise among FinTech providers, there is still room for improvement. Research indicates that consumers prioritize a broad range of fund transfer options and fast transactions when choosing FinTech providers. Hence, aligning services with customer needs remains crucial for FinTechs to maintain their competitive edge and meet evolving consumer expectations.
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