Nuvei enters Australia as part of APAC expansion plans

Canadian fintech Nuvei has launched in Australia, enabling businesses operating in the country to access its full suite of payments solutions, including acquiring, processing, alternative payment methods and risk management.

Nuvei has established a presence in Australia following its expansion into Singapore and Hong Kong in 2022.

Chair and chief executive officer of Nuvei, Philip Fayer, said: “Launching in Australia is a natural step for our continued expansion in APAC, having already established a strong and growing presence in the region.”

The fintech has already secured regulatory and scheme licenses to support customers with local acquiring in Australia.

“We know the role local acquiring plays in payments optimization, which is why Nuvei’s local acquiring network across the globe is unparalleled,” Fayer added.

“Being able to support merchants in Hong Kong, Singapore, and now Australia with local acquiring solutions demonstrates our commitment to our customers’ growth.”

According to Nuvei, debit and credit card payments remain the pre-eminent online payment method for Australian consumers.

However, Australia’s ecommerce market was valued at $47 billion in 2022, while internet penetration in the country is 91% and more than 90% of Australian internet users make online purchases.

This year, Nuvei announced the acquisition of US-based Paya for $1.3 billion.

Payments platform Paya serves customers in markets such as B2B, government, utilities, non-profit and healthcare end markets, processing more than $45 billion of payment volume annually.