FinTech Nuvei launches global card issuing solution

By Delisha Fernandes

Nuvei Corporation, a Canadian FinTech company, has launched its card issuing solution in 30 markets globally. This offering allows Nuvei clients to provide their customers, employees or contractors with both physical and virtual white-labelled cards.

The new offering is currently available in 30 markets across the European Economic Area, with a roll-out to the UK, US and Latin America planned for 2024.

Nuvei Chair and CEO, Philip Fayer said, “We’re thrilled to launch card issuing as an additional module to our full stack technology platform. The launch of our card issuing solution is another example of our dedication to finding new ways to accelerate the business of our clients across the different verticals we operate in, all while growing our own total addressable market.”

One of the benefits of Nuvei’s issued cards is improved working capital efficiency, virtual cards enable businesses to instantly access and utilize funds collected from their customers, enhancing their working capital. This benefit is useful for instance, in the case of Online Travel Agents purchasing flights or hotel tickets on behalf of their customers.

Another benefit is the improved authorization rates that Nuvei’s solution provides; when merchants issue refunds to customers on a virtual or physical card, and Nuvei acts as both the issuer and acquirer, transaction approval rates can increase. This capability is particularly valuable in the retail sector, where customers can use their funds in the same store where they received the refund.

Seamless and cost-effective payouts are also made possible through Nuvei’s card issuing solution; both virtual and physical cards are easy to issue and can be used to quickly distribute funds to customers or the workforce at a lower cost compared to traditional payout methods. Use cases such as insurance claims, government disbursements and the gig economy can benefit from this feature.

Additionally, merchant-issued cards can play a significant role in increasing customer loyalty; these cards, which can be physical or virtual and are white-labeled to the merchant’s brand. Retailers can use card issuing to process customer refunds for example, and connect card use to reward schemes designed to improve customer loyalty.