Canadian payments firm Nuvei has launched a new capability enhancement to help international merchants accept local payment methods in 10 Latin American countries.

This solution will support local card schemes and alternative payment options, in addition to international card schemes and alternative payment methods (APMs).

It will facilitate settlement in local currency, non-Latin American currencies, regional settlement, or a combination of all three options.

Nuvei chair and CEO Philip Fayer said: “We’re excited to continue expanding our support to global merchants with this key offering in Latin America.

“Our localised solutions enable domestic and international businesses to reach their customers more securely and effectively.”

The payment ecosystem in Latin America varies from country to country. This makes it rather important for merchants to have local presence in order to obtain high acceptance rates. However, Nuvei claims that its new solution helps any kind of business to operate locally in the region, with or without local presence.

It covers business verticals including online retail, marketplaces, and social gaming among others.

Commenting on the development, Nuvei general manager LATAM Juan Franco said: “Our local presence in Latin America ensures that we are well-positioned to service new and existing global customers in this fast-growing region.

“It enables our international clients to process payments locally without even stepping foot there.”

According to Nuvei, merchants operating in LATAM can also utilise the firm’s bank transfer and card issuing services in order to grow their business.

Additionally, they will be able to tap a spectrum of local APMs in the region.

Recently, Nuvei launched its acquiring services in the UAE and North Africa to serve its merchants in these countries.

The firm also extended its collaboration with Visa to roll out crypto-friendly debit cards for its partners across the European Economic Area and the UK.