Canadian fintech company, Nuvei, together with Mastercard, will enable near instantaneous payout capabilities for online trading platforms and investors in the Asia Pacific region via Mastercard Send.

Already available to Nuvei customers in Singapore, the Send service, which powers rapid payments for merchants, acquirers, governments and consumers, will become available in Australia and Hong Kong SAR, starting later this year. Nuvei customers will then be able to process payouts, including business to consumer disbursements, and funding transactions between over 1.5 billion debit, credit, and prepaid Mastercard cards.

According to a recent report by Fortune Business Insights, the global online trading platform market is projected to grow from USD9.94 billion in 2023 to USD15.34 billion by 2030, driven in part by technological advancements and integration of trading platforms on smartphones, with Asia Pacific being one of the fastest-growing regions. 

One business in Singapore already utilising Mastercard Send is trading platform, Plus500. With this new service, online traders enjoy a simpler and more convenient method of cashing out their investments, backed by Mastercard’s fraud protection. Users only need to input their card details and make a request via Mastercard Send, easily located in the platform cashier, and funds are immediately accessible.

Nuvei chair and CEO Philip Fayer said, “Trading platforms rely on fast, secure deposits and payouts to optimise 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.”

Mastercard executive vice president of products and innovation in Asia Pacific, Sandeep Malhotra 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.”