MONTREAL and DUBAI, December 10, 2021 – Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the global payment technology partner of thriving brands, announced today its expansion of local acquiring services to support merchants in the United Arab Emirates (UAE) and North Africa. Nuvei is certified by the Dubai Multi Commodities Centre (DMCC) and licensed to operate in the free trade zone. This new development positions the Company well to support its existing merchant base, as well as local merchants and international businesses looking to expand their footprint into this booming market.
As a region with an increasing global population, the UAE and North Africa are exploding with cross-border expansion potential: 60% of UAE consumers have purchased from an international online retailer. Alternative payment methods (APMs) like Google Pay and Apple Pay are also gaining significant traction. Nuvei will support growth-minded merchants by offering access to its full stack of innovative solutions, including APMs and other locally-preferred payment methods, plus direct connectivity to all the major payment card schemes. Through one single point of integration, merchants will benefit from a seamless, secure and compliant payment journey for their customers.
According to Global Data, the UAE’s eCommerce market has grown by 33% in five years and is expected to grow another 104% by 2024. Through Nuvei’s technology, merchants can tap into this potential, enabling them to support the different preferences and requirements of local and overseas consumers. Merchants will also benefit from the Company’s state-of-the-art tools, increasing approval rates, as well as reducing the traditional manual and lengthy onboarding process, and associated high payment fees.
“This launch marks the acceleration of our strategic global expansion plans,” said Philip Fayer, Nuvei’s Chair and CEO. “Investing in a physical presence and benefiting from our experts’ local market knowledge will make a huge difference to our existing clients in the region, as well as the many domestic and international businesses looking to optimize their payment strategies in this flourishing market.”
“We have experienced a surge in new merchant demand in the UAE and North Africa, along with calls for greater support from existing customers in the region,” said Praful Morar, Chief Strategy Officer, Digital Payments at Nuvei. “We are delighted that with our local solutions and expertise, we will be able to meet this demand, as we are seeing major traction in retail, financial services, travel, and digital goods and services.”
We are Nuvei (Nasdaq: NVEI) (TSX: NVEI) the global payment technology partner of thriving brands. We provide the intelligence and technology businesses need to succeed locally and globally, through one integration – propelling them further, faster. Uniting payment technology and consulting, we help businesses remove payment barriers, optimize operating costs and increase acceptance rates. Our proprietary platform provides seamless pay-in and payout capabilities, connecting merchants with their customers in over 200 markets worldwide, with local acquiring in 45 markets. With support for over 500 local and alternative payment methods, nearly 150 currencies and 40 cryptocurrencies, merchants can capture every payment opportunity that comes their way. Our purpose is to make our world a local marketplace.
For more information, visit www.nuvei.com.