Canadian fintech firm Nuvei is teaming up with Mastercard, a leading credit card company, to introduce instant payout features in the Asia-Pacific area. Through the use of Mastercard Send, Nuvei will enable quick disbursements for its clients in the region, covering a range of transactions from business-to-consumer operations to facilitating 1.5 billion transactions on credit, debit, and prepaid Mastercard cards.
Founded in 1966, Mastercard has been a major player in the credit card industry. In recent times, the company has also been actively engaging with the emerging cryptocurrency market. It has acknowledged the value of digital currencies and has begun incorporating them into its existing infrastructure.
As of February 2021, Mastercard made headlines by declaring its plan to incorporate a select list of cryptocurrencies into its network. This was considered a monumental move toward the widespread acceptance of digital currencies, offering users the ability to transact with cryptocurrencies via their cards.
To further solidify its footprint in the cryptocurrency ecosystem, Mastercard has entered into strategic collaborations with multiple companies in the field, including Wirex, BitPay, LVL, and Bakkt. These alliances aim to simplify the process for consumers to exchange their digital assets into conventional currencies for everyday use.