The United Arab Emirates (UAE) is emerging as a vibrant market for Nuvei’s global clientele, thanks to the rapi growth of the e-commerce sector.
This sector is projected to surpass $10 billion in revenue by 2029, with a compound annual growth rate (CAGR) of approximately 9% from 2024 to 2029.
Nuvei’s acquisition of a second-class retail services license enables the company to offer a comprehensive suite of payment technologies to businesses operating in the thriving UAE market.
These technologies include direct local acquiring, payment aggregation services, and local and cross-border money transfers.
Direct local acquiring grants Nuvei greater control over the payment lifecycle, ensuring improved payment acceptance rates and reduced processing costs for its clients.
Nuvei already boasts a strong commercial presence and notable partnerships in the region.
This expansion in the Middle East and North Africa underscores Nuvei’s commitment to supporting the growth of its clients both locally and internationally.
Philip Fayer, Chairman and CEO of Nuvei, commented on the announcement: “Our mission is to enhance the connection between our clients and their customers through payments, wherever they are and however they wish to pay.
Expanding our global portfolio of licenses has been a key objective in this regard, and we are now able to offer the full power of our platform to support the growth ambitions of businesses operating in the UAE.”
Fayer added, “We are grateful to the Central Bank of the UAE for its initial approval of our retail payment services license and for facilitating this opportunity.
We are extremely excited to launch our world-class services, including direct local acquiring, in this fast-growing digital market.”
This announcement is the latest in a series of steps by Nuvei to strengthen its global presence, including expanding its local acquiring capabilities in over 50 countries.
In 2024, Nuvei announced that it had obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, and it became the first global payment company to offer direct local acquiring in Colombia.
Nuvei’s expansion into the UAE is set to significantly bolster its presence in a rapidly growing market, providing robust payment solutions tailored to the needs of businesses operating in the region.
This strategic move not only supports Nuvei’s mission of global growth but also reinforces its role as a pivotal player in the digital payment landscape.
