Nuvei Corporation, a Canadian fintech company, announced a partnership with Mastercard today. This partnership will launch a new off-ramping solution in Europe. The solution allows consumers to convert their digital assets, including cryptocurrencies, into traditional fiat currency. They can do this using debit, credit, and prepaid cards.

Digital Finance Bridge

This new function bridges digital and traditional finance. Consumers can spend their converted funds through Mastercard’s global network. The off-ramping solution is part of Nuvei’s modular payment platform. It aims to offer a simple and secure user experience.

Consumers can convert a wide range of supported digital assets into fiat currency. They can then transfer the funds to their eligible Mastercard in near real-time. This process uses Mastercard Move’s money movement capabilities. The integrated solution removes the need for third-party exchanges or money service businesses.

“We’re excited to collaborate with Mastercard to accommodate access liquidity and payments for Digital Asset holders,” commented Philip Fayer, Chair and CEO of Nuvei.

“Our mission is to enable businesses and their customers to connect through payments, wherever consumers are and however they want to pay. Offering crypto off-ramps through our single integration aligns perfectly with this mission to facilitate frictionless transactions across the digital economy.”

Nuvei introduces off-ramping of Digital Assets to cards via Mastercard Move in Europe https://t.co/VXicQFHfWN #2024Trends #blockchain #banking #futuretechnology #financetechnology

— Global FinTech Series (@FinTech_Series) July 11, 2024

Blockchain Payment Integration

Nuvei’s off-ramp solution with Mastercard is part of its strategy. It aims to connect traditional payments, open banking, and blockchain technology into one seamless experience.

“Enabling choice how consumers can engage in Digital Assets in a safe, simple and secure manner in line with all relevant regulation is at the heart of our strategy in this space,” added Christian Rau, Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe.

“Combining our global network of partners and digital solutions with Nuvei’s advanced integration opens new opportunities and choice for businesses engaging in digital assets and consumers alike.”