Canadian fintech company Nuvei and Mastercard today announced that they will enable near instantaneous payout capabilities for online trading platforms and investors in the Asia Pacific region via Mastercard Send™. Already available to Nuvei customers in Singapore, the Send™ service – which powers rapid payments for merchants, acquirers, governments, consumers and more, wherever they interact worldwide – will also be available in Australia and Hong Kong SAR, starting later this year. Nuvei customers will then be able to process payouts, including business to consumer disbursements, and funding transactions between over 1.5 billion debit, credit, and prepaid Mastercard cards.
In the Asia Pacific region, the increasing prevalence of remote working, triggered by the pandemic, has encouraged the parallel growth in the number of new online retail investors, especially younger, first-time users of online trading platforms. According to a recent report by Fortune Business Insights, the global online trading platform market is projected to grow from USD9.94 billion in 2023 to USD15.34 billion by 2030. This trend is driven in part by technological advancements and the integration of trading platforms on smartphones, with Asia Pacific being one of the fastest-growing regions.
One business in Singapore that is already utilizing Mastercard Send™ to offer an enhanced payout experience to its customers is trading platform Plus500. With this new service, online traders will enjoy a simpler and more convenient method of cashing out their investments, backed by Mastercard’s best-in-class fraud protection. Whenever they wish to cash out, users only need to input their card details and make a request via Mastercard Send™. This option is easily located in the platform cashier, and funds are immediately accessible.
“Trading platforms rely on fast, secure deposits and payouts to optimize user experience. Partnering with Mastercard Send™ enables us to offer our partners another trusted, instant payout method that will win new traders and generate revenue growth,” said Nuvei Chair and CEO Philip Fayer.
“In today’s always-on world, faster payments are the foundation for accelerated growth,” said Sandeep Malhotra, Executive Vice President, products & innovation, Asia Pacific, Mastercard. “Given the boom in online trading in the Asia Pacific region, Mastercard Send™ presents Nuvei’s customers with the opportunity to improve the payments experience for their users while standing to grow their own revenues – a win-win. Meeting consumers’ expectations for greater speed, wider choice, and tighter security in their payments is no longer negotiable.”
“In an unpredictable trading environment where price fluctuations happen in seconds, Mastercard Send™ provides online traders with the peace of mind that that they can cash-out instantly, at the click of a button. With easy, fuss-free access to their money, investors can make quick decisions and enjoy full visibility over the real-time availability of their funds,” said Alon Cohen Naznin, COO, Plus500.
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