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December 13, 2021

Nuvei launches local acquiring services in UAE, North Africa

By Shalini mani

Payment technology firm Nuvei has expanded its acquiring services to the UAE and North Africa to cater to merchants in these countries.

In the UAE, the Canada-based firm is certified by the Dubai Multi Commodities Centre (DMCC) and is licensed to operate in the free trade zone.

This allows it to support its existing merchant base as well as other local merchants and international businesses looking to tap into the region.

Nuvei will provide the merchants with access to its solutions, including Alternative payment methods (APMs) such as Google Pay and Apple Pay as well as other locally-preferred payment methods.

They will also gain direct connectivity to most payment card schemes.

Nuvei chair and CEO Philip Fayer said: “This launch marks the acceleration of our strategic global expansion plans.

“Investing in a physical presence and benefiting from our experts’ local market knowledge will make a huge difference to our existing clients in the region, as well as the many domestic and international businesses looking to optimise their payment strategies in this flourishing market.”

A Global Data report found the eCommerce market rising 33% in the last five years. It is estimated to grow a further 104% by 2024.

According to Nuvei, its technology will enable merchants to tap into this potential by equipping them to cater to various preferences of regional and international consumers.

Additionally, the company’s tools are claimed to help merchants minimise high payment fees linked to traditional manual and lengthy onboarding process while increasing approval rates.

Nuvei Digital Payments chief strategy officer Praful Morar said: “We have experienced a surge in new merchant demand in the UAE and North Africa, along with calls for greater support from existing customers in the region.

“We are delighted that with our local solutions and expertise, we will be able to meet this demand, as we are seeing major traction in retail, financial services, travel, and digital goods and services.”

Recently, Nuvei and Visa expanded their alliance to offer fast digital payouts to the US.

In June this year, Nuvei’s wholly-owned subsidiary received scheme licences to process UK payments post-Brexit.

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