#Montreal #Nuvei #South Africa #Payments

Nuvei Expands Its Reach with Local Payment Services in South Africa

Montreal-based fintech company Nuvei has made a significant step in its global expansion strategy by securing authorization from the Payments Association of South Africa (PASA) to offer local payment acceptance services. This new capability allows Nuvei to better support both international brands and local businesses within one of Africa's largest digital commerce markets.

With this move, Nuvei reinforces its strategy termed 'Every Payment Everywhere'. By including South Africa in its extensive payment network, the company enhances its ability to provide optimized payment solutions tailored to various markets. Phil Fayer, Nuvei's CEO, acknowledged the importance of local payment performance, stating, "Commerce is global, but payment performance is local. Our expansion into South Africa represents a crucial step in providing businesses with locally optimized payment capabilities on a global scale."

A Growing Digital Commerce Market

According to a study by PayNXT360, South Africa's B2C e-commerce market is poised for remarkable growth, projected to reach $8.48 billion by 2025, with a compound annual growth rate of 8.3% through 2029. This consistent growth emphasizes the necessity of having localized payment performance, especially as competition in the market heats up.

For global brands entering the South African market, processing transactions at a national level can significantly improve authorization rates compared to cross-border acquisition. Moreover, it reduces processing costs while providing in-depth visibility into transaction performance. Accessing local transaction data also enhances fraud management capabilities, allowing businesses to pinpoint and address payment process obstacles more efficiently.

Bridging Global Brands with Local Markets

Global companies venturing into South Africa can leverage the same Nuvei integration they currently utilize in other regions, facilitating a seamless transition. Brands already serving South African customers through cross-border transactions can establish a locally optimized payment system without the need for additional gateways or acquiring relationships. This approach grants them the flexibility to tailor the payment experience to local expectations while managing authorization, fraud prevention, reconciliation, and reporting through a single platform.

About Nuvei

Nuvei is a global fintech leader dedicated to building infrastructure that supports all types of payments, anywhere. Their flexible platform handles the entire transaction lifecycle, offering a unified partner for businesses engaged in local and international commerce, including the growing wave of AI-driven agent-based commerce. With a presence in over 190 markets and local acquisition capabilities across more than 50 countries, Nuvei facilitates transactions in 150 currencies and supports over 720 alternative payment methods.

For further information, visit Nuvei.com.