Nuvei enables e-commerce companies in the world’s 12th largest economy to accelerate growth
MONTREAL, March 05, 2023 (GLOBE NEWSWIRE) — Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today announced that companies operating in Australia operations can now access its full range of market-leading payment solutions, including acquisition, processing, alternative payment methods and risk management.
Australian businesses operating locally and globally will benefit from Nuvei’s cutting-edge, agile technology designed to accelerate their growth. Nuvei’s payment platform enables businesses to optimize operational costs and increase conversion rates by maximizing payment acceptance, minimizing risk and enhancing the consumer payment experience. This includes offering all local and relevant payment methods.
The Australia launch is the latest initiative from Nuvei, which continues to expand its footprint and capabilities in the Asia Pacific (APAC) region after successfully launching in Singapore and Hong Kong in 2022.
Nuvei Chairman and CEO Philip Payer 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 in our continued expansion into APAC, having already established a strong and growing presence in the region.”
Nuvei launches in Australia after securing regulatory and program licenses to help customers acquire locally in the country.
Fayer continued, “We understand the role that local acquiring plays in payment optimization, which is why Nuvei’s local acquiring network is unparalleled anywhere in the world. The ability to support merchants in Hong Kong, Singapore and now Australia with local acquiring solutions demonstrates our commitment to the growth of our clients.”
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 relevant payment methods in the region (including local currencies for cross-border transactions) in addition to card purchases. These include the New Payments Platform (NPP), Australia’s open-access infrastructure for fast, account-to-account payments, giving consumers even more choice in their payments experience.
NPP benefits for consumers include instant settlements 24/7/365, making this payment method particularly relevant to industries where payouts are critical to the overall payment experience.
Australia is a significant market for e-commerce in APAC and globally. It’s the 12th in the worldth largest economy and had an e-commerce market value of USD 47 billion (with 8.9% growth)[1] in 2022. Internet penetration in Australia is 91%[2] and over 90% of Australian internet users shop online.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating business for clients around the world. Nuvei’s modular, flexible and scalable technology enables leading companies to accept next-generation payments, offer all payout options and benefit from card issuance, banking, risk and fraud management services. By connecting businesses to their customers in 200+ markets, with local acquiring in 45+ markets, 150 currencies and 600+ alternative payment methods, Nuvei provides the technology and insights for customers and partners to thrive locally and globally with a single integration to be.
Visit www.nuvei.com for more information
[1] https://www.savvy.com.au/australias-online-shopping-behaviour-report-2022/#:~:text=Australiens%20online%20shopping%20industry%20is,retail%20therapy%20sets%20bis%20in the Height
[2] https://www.statista.com/statistics/680142/australia-internetpenetration/
CONTACT: Alex Hammond Nuvei alex.hammond@nuvei.com Investor Relations Nuvei IR@nuvei.com
