Nuvei and Visa Team to Offer Visa Direct in Colombia

Nuvei says it is the first global payments provider offering Visa Direct in Colombia, via a new partnership with Visa.

“Offering instant payouts through Visa Direct supports our strategy of providing best-in-class payment solutions tailored to the needs of each market we serve,” Nuvei Chair and CEO Philip Fayer said in a Monday (June 3) news release.

“Colombia is one of the fastest-growing eCommerce markets in Latin America, and we’re proud to deliver innovative ways for our customers to optimize their payment flows, enhance user experiences, and operate with maximum efficiency.”

As the release notes, Visa Direct is a processing capability that enables near real-time fund delivery directly to accounts using card credentials, with customers using the service for things like person-to-person (P2P) payments, funds disbursements, bill pay, or cross border remittances directly to a debit or prepaid cards.

The service is available to Colombian merchants through Nuvei’s payments technology platform, letting those merchants provide instant payout capabilities to their customers, with transactions routed and processed in near real time.

“Partnering with Visa to offer Visa Direct continues Nuvei’s first-mover advantage in rolling out industry-leading payments solutions in Colombia,” the release added.

“Nuvei recently announced that it was the first global payments provider to offer direct local acquiring in the country, enabling online businesses to accept card payments from their customers without relying on intermediaries or third-party payment processors.”

Meanwhile, PYMNTS wrote last month that FinTechs still have some work to do when it comes to offering things like P2P payments.

Research from “FinTechs’ Instant Payment Mismatch,” a PYMNTS Intelligence and Ingo Payments collaboration, shows that 47% of FinTechs allow consumers to send P2P transfers, while 41% allow them to receive these transfers. That marks an increase of 10 percentage points for sending and 9 percentage points for receiving between the third quarter of 2022 and the second quarter of 2023.

“This progression is great news for FinTechs because data shows P2P transfers rank as the number one service consumers expect when using a FinTech provider,” PYMNTS wrote. “However, the report — which is based on surveys with nearly 2,300 U.S. consumers and 150 FinTech issuers — also found that FinTechs would benefit by better aligning their services to the needs of their customers.”

Although consumers are more likely to do business with FinTech providers that provide a broad range of fund transfer options and fast transactions, FinTechs trumpet convenience and customer experience as their top feature, something that could mean trouble if FinTechs don’t change course, the report added.