Nuvei has partnered with Mastercard to launch a new off-ramping solution that enables consumers in Europe to seamlessly convert their Digital Assets, including cryptocurrencies, into traditional fiat currency via debit, credit and prepaid cards.
The off-ramping solution provides a bridge between digital and traditional finance and can be integrated directly into Nuvei’s modular payment platform. Assets can then be spent via Mastercard’s global network.
Consumers can seamlessly convert a wide range of supported Digital Assets into fiat currency, transfer the funds to their eligible Mastercard in near real-time, and no longer requiring third-party exchanges or money service businesses.
“Frictionless transactions across the digital economy”
Philip Fayer, Chair and CEO of Nuvei, said: “We’re excited to collaborate with Mastercard to accommodate access liquidity and payments for Digital Asset holders. Our mission is to enable businesses and their customers to connect through payments, wherever consumers are and however they want to pay. Offering crypto off-ramps through our single integration aligns perfectly with this mission to facilitate frictionless transactions across the digital economy.”
Christian Rau, Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe, commented: “Enabling choice how consumers can engage in Digital Assets in a safe, simple and secure manner in line with all relevant regulation is at the heart of our strategy in this space. Combining our global network of partners and digital solutions with Nuvei’s advanced integration opens new opportunities and choice for businesses engaging in digital assets and consumers alike.”
Nuvei’s off-ramp solution with Mastercard is the latest example of its strategy to connect the worlds of traditional payments, open banking and blockchain technology into one seamless experience.
Nuvei secured in-principle approval in UAE
Nuvei recently secured an in-principle approval for a Retail Services Category II License from the Central Bank of the UAE. A strategic expansion into the United Arab Emirates (UAE) comes as the jurisdiction increasingly establishes itself as the bridge between the West and East at a time of heightened geopolitical tensions.
The UAE’s eCommerce sector is projected to surpass $10 billion in revenue by 2029 with an annual growth rate (CAGR 2024-2029) of approximately 9%.
In 2024, Nuvei secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore and became the first global payments company to offer local direct acquiring in Colombia.
Nuvei already has a strong commercial presence and existing high-profile partnerships in the region. The firm is now fortifying its global presence and commitment to the Middle East and North Africa (MENA).
Mastercard and LuLu Group expand co-branded credit network in GCC
Mastercard recently teamed up with LuLu Group to enhance the co-branded credit card network across six markets, including Bahrain, Kuwait, Oman, Qatar, UAE, and now Saudi Arabia.
The integration of Mastercard’s expertise into Lulu Group’s operations will advance efficiencies, scale, and data-driven decision-making following a decade-long partnership in the retail sector between the two.
The two organizations have spent over a decade collaborating and innovating to meet the evolving needs of consumers in the region. In 2013, a first co-branded credit card was launched, which was later followed by other initiatives that strengthened relationships with various co-brand issuer partners.
Besides co-branded credit card portfolios, other projects will benefit from the collaboration, including a variety of sustainability initiatives and technology enhancements. Revamped features and benefits include digital in-store transactions and more cashless experiences, as well as personalized rewards and cashback offers on spends at LuLu stores.
LuLu will also deploy the Mastercard Next Gen Point of Interaction (POI) solution, allowing its consumers to make cardless payments at its self-checkout counters.
The companies will continue to offer a portfolio of co-branded credit cards via partners including Abu Dhabi Commercial Bank in the UAE, Bank Muscat in Oman, CrediMax in Bahrain, Doha Bank in Qatar, Emirates NBD in the UAE, and Gulf Bank in Kuwait. There are also plans for expanding into Saudi Arabia.
