Nuvei Unveils Blockchain Payment Solution for LATAM, Enabling Stablecoin Transactions for Merchants

Canadian fintech company Nuvei has launched a new blockchain-based payment solution aimed at merchants across Latin America (LATAM). The announcement, made on December 4, 2024, marks a significant step in expanding the use of blockchain technology and stablecoins within the region, bringing more payment flexibility to businesses.

The new solution is the result of a collaboration between Nuvei and several key industry partners, including Rain, BitGo, and global payments giant Visa. Rain, a vertically integrated issuing partner backed by Coinbase Ventures and Circle Ventures, will help provide infrastructure, while BitGo offers crypto custody and wallet services. Visa, a well-known global payments leader, brings its extensive network to facilitate seamless payments in stablecoins, starting with USDC.

Stablecoin Payments in LATAM

Nuvei's blockchain solution makes it easy for LATAM merchants to accept payments in stablecoins, providing them with a modern, efficient alternative to traditional payment methods. By integrating USDC, one of the most widely used stablecoins, Nuvei is empowering businesses to process payments quickly and securely, both locally and globally.

Through this partnership, LATAM businesses can now utilize Visa-supported physical and virtual cards, enabling them to make payments with stablecoins across international borders. This will provide merchants with enhanced global reach and the flexibility to conduct transactions in a digital asset that is stable and pegged to the US dollar.

Philip Fayer, Chairman and CEO of Nuvei, emphasized the importance of this integration: “By integrating stablecoin technology into our payment platform for B2B settlement, we’re ensuring our merchants continually receive unparalleled flexibility, security, and global reach.”

LATAM: A Growing Hub for Stablecoin Adoption

The LATAM region has seen a surge in the adoption of stablecoin payments, and Nuvei's new blockchain solution is tapping into this growing trend. Stablecoin adoption has been particularly strong in countries like Mexico, Brazil, and Colombia, where there is an increasing demand for alternative payment options.

Nuvei’s collaboration with Visa, BitGo, and Rain highlights the industry's collective effort to integrate stablecoins into traditional financial infrastructure. This move is expected to bring greater access to cross-border transactions and settlement options for LATAM merchants.

In September 2023, Visa had already made strides in blockchain payments by testing a USDC settlement initiative on the Solana blockchain, in partnership with Nuvei and Worldpay. The initiative was designed to explore the potential of stablecoins for business-to-business (B2B) payments and settlements.

LATAM and Stablecoin Popularity

As stablecoin usage continues to rise globally, the LATAM region has seen particularly strong traction, with stablecoins like USDT and USDC becoming integral parts of the payment ecosystem. A report by blockchain firm Kaiko, released in June 2024, revealed that USDT (Tether) is more widely used in LATAM than Bitcoin, which continues to be seen as a speculative asset rather than a day-to-day payment solution.

With growing partnerships and support from key players in the crypto space, such as Circle and Tether, stablecoins are becoming a crucial element of LATAM's digital economy. The collaboration between Nuvei, Visa, BitGo, and Rain is poised to strengthen this trend and further accelerate the adoption of blockchain-based payments in the region.

Looking Ahead: The Future of Blockchain Payments in LATAM

Nuvei’s blockchain payment solution represents a significant advancement in the ongoing evolution of payments in LATAM. By leveraging stablecoins and blockchain technology, Nuvei is enabling businesses to embrace more secure, efficient, and cost-effective ways to settle transactions across borders. As more companies adopt stablecoins and other blockchain technologies, LATAM is expected to continue its rapid growth as a hub for digital financial innovation.