Nuvei and Mastercard Team on Instant Payouts for APAC Traders
Nuvei says it wants to help Asia-Pacific (APAC) region traders and investors get paid faster.
The Canadian payments company announced Monday (Aug. 28) that it has teamed with Mastercard to allow those traders and investors enjoy “near instantaneous payout capabilities” using Mastercard Send.
Send, already offered to Nuvei customers in Singapore, powers rapid payments for merchants, acquirers, governments and consumers. The tool will now also be available in Australia and Hong Kong SAR, beginning later this year, according to a Nuvei news release.
“Nuvei customers will then be able to process payouts, including business to consumer disbursements, and funding transactions between over 1.5 billion debit, credit and prepaid Mastercard cards,” the release said.
According to the release, the Asia-Pacific region has seen a jump in remote work due to the pandemic, which has in turn led to a rise in the number of new online retail investors, particularly younger, first-time customers of online trading platforms.
“One business in Singapore that is already utilizing Mastercard Send to offer an enhanced payout experience to its customers is trading platform Plus500,” the release said. “With this new service, online traders will enjoy a simpler and more convenient method of cashing out their investments, backed by Mastercard’s best-in-class fraud protection."
PYMNTS spoke earlier this month with Laura Miller, Nuvei’s chief revenue officer, about what she said is the long-term trend in the payments sector: “Digital, digital, digital.”
According to Miller, there will be a greater emphasis on digital identities, digital currencies and open banking. Payments orchestration, she added, will help speed and improve cross-border connectivity and fund flows.
But no matter what comes next, Miller said, “payments will continue to be an ever-changing industry at the forefront of technology … and you’ll need to have the reporting and visibility to help optimize those payments, and the assets they are, each and every single day.”
Meanwhile, recent PYMNTS research finds that while instant disbursements are popular, there still remain some holdouts who refrain from using them.
Among that group, 36% said they were uneasy about sharing their debit or credit card information, while 33% reported having a preference for methods that do not require sharing bank account details.
“Security-related reservations are not the only reasons consumers are put off by instant payments,” PYMNTS wrote. “Having to pay a fee is why about 30% of consumers shun instant disbursements, to the extent that a significant share of instant-friendly consumers ultimately choose alternative methods to save money.”
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