The United Arab Emirates (UAE) is emerging as a vibrant market for Nuvei\u2019s global clientele, thanks to the rapi growth of the e-commerce sector.<\/p>\n
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.<\/p>\n
Nuvei\u2019s 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.<\/p>\n
These technologies include direct local acquiring, payment aggregation services, and local and cross-border money transfers.<\/p>\n
Direct local acquiring grants Nuvei greater control over the payment lifecycle, ensuring improved payment acceptance rates and reduced processing costs for its clients.<\/p>\n
Nuvei already boasts a strong commercial presence and notable partnerships in the region.<\/p>\n
This expansion in the Middle East and North Africa underscores Nuvei\u2019s commitment to supporting the growth of its clients both locally and internationally.<\/p>\n
Philip Fayer, Chairman and CEO of Nuvei, commented on the announcement: \u201cOur mission is to enhance the connection between our clients and their customers through payments, wherever they are and however they wish to pay.<\/p>\n
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.\u201d<\/p>\n
Fayer added, \u201cWe are grateful to the Central Bank of the UAE for its initial approval of our retail payment services license and for facilitating this opportunity.<\/p>\n
We are extremely excited to launch our world-class services, including direct local acquiring, in this fast-growing digital market.\u201d<\/p>\n
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.<\/p>\n
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.<\/p>\n
Nuvei\u2019s 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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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