The SendTM service, which supports speedy payments for businesses, acquirers, governments, consumers, investors and more, wherever they engage globally, is currently available to Nuvei customers in Singapore.

Later this year, it will also be made available in Australia and Hong Kong SAR.

Customers of Nuvei will subsequently be able to conduct payouts, including business-to-consumer payments and financing transfers involving more than 1.5 billion Mastercard debit, credit, and prepaid cards.

Nuvei cashing in on investors in Asia Pacific

A comparable rise in the number of new online retail investors, particularly younger, first-time users of online trading platforms, has been fostered in the Asia Pacific region as a result of the pandemic’s increased incidence of remote working.

The integration of trading platforms on smartphones and technical improvements, with Asia Pacific being one of the fastest-growing regions, are two factors that are contributing to this trend.

Trading platform Plus500 is one company in Singapore that already uses Mastercard SendTM to give its consumers a better payout experience.

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Online traders will now have access to a more straightforward and practical manner of withdrawing their assets, supported by Mastercard’s fraud protection.

Users merely need to enter their card information and submit a request via Mastercard SendTM whenever they want to cash out.

The platform cashier has this choice conveniently accessible, and money is available right away.

Nuvei Chair and CEO Philip Fayer said: “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.”

Sandeep Malhotra, executive vice president, products & innovation, Asia Pacific, Mastercard added: “In today’s always-on world, faster payments are the foundation for accelerated growth. 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.”