MONTREAL, December 13, 2021 (GLOBE NEWSWIRE) — Nuvei Corporation (Nasdaq: NVEI) (TSX: NVEI), through its subsidiary Simplex, is offering branded Visa debit cards to its partners across the European Economic Area and the United Kingdom, following a partnership with Visa.
Having already introduced crypto-friendly debit cards to the COTI blockchain financing platform in recent months, Nuvei through its Simplex brand continues to leverage Visa key membership and EMI licensing to provide partner companies an easy way to spend cryptocurrency anywhere Visa is accepted.
Combined with Nuvei’s Simplex Banking, the new cards simplify the process of transferring cryptocurrency cash on and off the ramp, creating a unified way for individuals to use and spend money from cryptocurrency sales.
Philip Fire, President and CEO of Nuvei, described the introduction of the cards as an important development for the company’s partners and their customers. “The branded Visa debit card is a huge asset for our partners and their users, enabling instant and seamless spending of crypto earnings,” he said, “With this program, Visa has played a vital role in expanding the cryptocurrency ecosystem by closing the gap between traditional finance and cryptocurrency.” “
“Awareness of cryptocurrencies has increased exponentially among consumers across Europe, leading to increased adoption as more people look to access crypto,” said Nicola Blekas, Director of Crypto Solutions, Europe, Visa. As we deepen our relationship with Nuvei even further, we are pleased to provide consumers with a simple and secure way to spend their cryptocurrency.”
The first batch of cards were delivered to COTI in September, enabling the latter to launch encrypted bank accounts and Visa debit cards bearing the COTI brand. In partnership with Nuvei, merchants on COTI’s blockchain financing network will benefit from increased adoption as a result of their ability to accept cryptocurrency as a payment option.
For Nuvei partner customers, using a debit card allows them to sell their crypto holdings with the click of a button, with the ability to instantly spend the resulting funds anywhere Visa is accepted. With branded cards, customers virtually gain the same purchasing power with their crypto holdings as they do with traditional currencies.
The Nuvei-Visa collaboration aims to improve payments for cryptocurrency and digital assets by offering customers a way to close the cycle of cash-to-crypto transfer, a process that previously relied on the cooperation of the legacy banking system.
The CEO of Nuvei for Simplex, Nimrod Lehavi, said that the branded Visa cards are tailored to the crypto space by meeting global standards of compliance.
“Thanks to Visa, we have created a straightforward and simple program designed for the crypto industry in terms of compliance, risk, time to market, and costs,” he said. “Our Visa card program has already seen tremendous success across Europe and the UK.”
We are Nuvei (Nasdaq: NVEI) (TSX: NVEI) the global payment technology partner for thriving brands. We deliver the intelligence and technology businesses need to succeed locally and globally, through a single integration – driving it bigger and faster. By standardizing payment technologies and consulting, we help companies remove payment barriers, improve operating costs, and increase acceptance rates. Our proprietary platform provides seamless checkout and payment capabilities, connecting merchants with their customers in more than 200 markets worldwide, with local acquisition in 45 markets. With more than 500 local and alternative payment methods supported, close to 150 currencies and 40 cryptocurrencies, merchants can seize every payment opportunity that comes their way. Our goal is to make our world a local market.
For more information, visit www.nuvei.com.