Shanghai, June 17, 2024 / PRNewswire / - Cross-border e-commerce has become a new highlight of global economic development in recent years. According to statistics from the General Administration of Customs, in the first quarter of this year, China's cross-border e-commerce import and export value was 577.6 billion yuan, an increase of 9.6%. Among them, exports were 448 billion yuan and imports were 129.6 billion yuan.

With a flexible, efficient, and resilient supply chain, cross-border e-commerce injects new power into global trade growth. With policy support, the construction of cross-border e-commerce comprehensive test zones, and the continuous influx of small and medium-sized enterprises... Chinese cross-border e-commerce is "accelerating", making "buying and selling globally" smoother.

As infrastructure supporting cross-border e-commerce, the cross-border payment industry is booming, bringing both opportunities and challenges. Demands are increasingly diversified, and different countries have different payment preferences. Consumers in Malaysia and Indonesia are more inclined to use digital wallets and account-to-account (A2A) payment methods, while Singaporean consumers rely more on credit cards. These differences indicate that consumers have complex requirements in seeking high-quality payment experiences and urgently need customized services.

In addition, localizing overseas enterprises is a big challenge. In addition to building local teams, integrating local resources, and launching localized service solutions, companies also need to deeply integrate into local cultures and continuously reduce costs and increase efficiency. High costs and difficult compliance are always difficult points to avoid in going global.

To solve these challenges, the cross-border payment industry is constantly emerging with more flexible, efficient, and secure solutions. Nuvei, a financial technology unicorn established in 2003, is a very representative enterprise, helping its global clients accelerate business development. With modular, flexible, and scalable technology, Nuvei provides all payment options while providing services and support in issuing banks, banks, risk, and fraud management. Nuvei helps companies connect with customers in more than 200 markets worldwide, achieving local acquisition in more than 50 markets with 150 currencies and 700 payment methods, promoting customer and partner payment facilitation.

Deeply serving the Chinese market, paving the "highway" for enterprise globalization

In the Chinese market, Nuvei mainly provides global collection services to three types of enterprises. From the client's perspective, this includes large and medium-sized cross-border e-commerce enterprises facing the global market, aviation travel service providers, and pan-digital industry service providers. According to Cui Jiaqi, vice president of sales for Nuvei Greater China, its customers mainly concentrate on medium-sized enterprise clients, usually with a certain business scale and independent R&D capabilities, while having an urgent need to expand globally and not rely on a single market for transactions. "We can help them expand the global market quickly and further delve into the local market."

In Cui Jiaqi's view, Nuvei has two levels of competitive advantages, "breadth" and "depth". At the level of breadth, Nuvei always regards global collection at a faster and lower cost as its core tenet for helping customers. Therefore, "we invest in this long-term goal, which means that our feature is to cover more markets and help customers expand the global market. At the level of depth, Nuvei digs deep into each market and cooperates with local leading institutions. We basically have deep coverage of local business capabilities in mainstream markets worldwide. Our service capabilities are no different from those of local companies."

Safe and compliant is the cornerstone for cross-border payment companies to achieve long-term development. Nuvei also regards "safe and compliant" as one of its core propositions for development. According to Cui Jiaqi, on the one hand, Nuvei's professional risk control consulting team provides a series of services and support based on the customer's risk preferences. Based on professional experience, we share risk control experience in specific markets around the world to Chinese customers to help them safely comply with collection to prevent merchants from suffering fraud and potential losses.

"In terms of risk control, we always maintain an open attitude, especially by introducing leading risk control products and tools in the industry, and cooperating with industry institutions to jointly improve risk management capabilities." Cui Jiaqi added.

Nuvei's compliance team will conduct regular compliance training for customers, including products, local laws and regulations, etc., to enhance compliance awareness among internal staff. Even in Europe, where the compliance threshold is high, Nuvei will achieve compliance layout through cooperation with local licensed institutions.

In addition, in terms of payment security, Nuvei's service network is global, with specialized risk monitoring mechanisms and teams established in Europe, North America, Asia and other regions, operating "24/7" throughout the year. Once abnormal transactions are discovered, emergency handling can be carried out in the first time to ensure the safe, accurate, and efficient landing of funds.

Aiming at the Latin American market, helping cross-border e-commerce enterprises to "localize" payment.

Latin America is one of the fastest-growing regions in global trade, and as the third-largest e-commerce market in Latin America, Colombia's trading volume has reached $42.3 billion in 2023. The annual trading volume in Colombia is expected to reach $87 billion by 2026, with a compound annual growth rate (CAGR) of 27%.

Against this backdrop, Nuvei has launched direct local acquiring capability in Colombia, further expanding its business scope in Latin America. "Nuvei is the first global payment company to provide direct local acquiring services in Colombia, enabling local and international partners to accept bank card payments from customers in the country without relying on intermediaries or third-party payment processors, helping customers better manage their transactions, and creating a more localized payment experience," Choi Jiaqi said.

With Nuvei, cross-border e-commerce companies selling products to Colombian customers not only enjoy direct local acquiring services, but also a range of value-added services including increased bank card authorization rates, settlement times shortened to within 24 hours, and optimized resource processing.

As Nuvei continues to expand its global business scope, partners can interact more deeply with customers through payments. In the future, all enterprises operating in the Colombian market can further analyze all global transaction data and provide scientific basis for their own development decisions through the integration of all global transaction data, and use Nuvei's global network to easily enter new markets. Through integration with the Nuvei platform, e-commerce companies can increase bank card authorization rates, shorten settlement times, optimize resource processing, and so on.

Serving international well-known brandsCharles & Keith Continues to Create a "Convenience" Experience

Charles & Keith is a Singaporean fashion brand established in 1996, specializing in footwear, handbags, and fashion accessories, operating more than 600 stores in 37 countries and regions worldwide. This year, Nuvei began optimizing e-commerce payment solutions for Charles & Keith and supporting its continued expansion in global markets.

Through a single integration with Nuvei's full-stack payment technology platform, Charles & Keith can now accept various alternative payment methods (APMs) and customize online checkout capabilities based on the local customer preferences of the brand in Southeast Asia, Europe, and the United States. This includes enabling popular digital wallets such as Apple Pay and Google Pay for a more streamlined checkout process.

Nuvei's intelligent routing technology maximizes the bank card payment authorization rate for Charles & Keith in each region, helping to drive revenue conversion. Since partnering with Nuvei, Charles & Keith's e-commerce revenue has achieved double-digit growth. In addition, Charles & Keith plans to use Nuvei's business scope covering over 200 global markets, 150 currencies, and APM product combinations to further expand its international e-commerce business scope, continue to improve online and mobile checkout experiences, and enhance global consumer payment convenience.

Choi Jiaqi said, "Some global well-known brands have encountered bottlenecks in the process of moving from offline to online, and we hope to help them complete this transformation and achieve greater success through cooperation. Before this, we have had in-depth cooperation with China's leading retail brands, including well-known women's clothing brands. Perhaps for some Chinese customers, they have not yet fully moved online, so we also hope to bring them inspiration and help them enter the international market faster and better."

Build a "Top Team" to Improve Global Cross-Border Payment Market Competitiveness

As a globally renowned "unicorn" enterprise in cross-border payments, Nuvei has won numerous awards and honors since 2022, including EGR Italy's "Best Fraud and Payment Company," GR Global Awards' "Best Payment Company," Payments Award's "Best Alternative Payment Solution," SBC North America's "Best Payment Solution," SBC Europe's Annual Payment Solution and Travolution's Annual Disruptor, etc. Nuvei is widely recognized by the industry and trusted by customers, and behind it is the support of the team. Openness, equality, innovation, and collaboration are the key secrets.

Based on the product service concept and business philosophy mentioned above, Nuvei has been seeking innovative ways to provide customized services to meet the needs of customers in different regions. For example, in the Middle East market, Nuvei will conduct market research or product evaluation to help merchants find the most competitive products, which can efficiently promote business development and effectively help sellers in the cross-border ecosystem to save unnecessary payment costs, achieving the current higher efficiency and lower cost payment appeals.

For Nuvei, it requires team members to have a spirit of innovation and collaboration to help unfamiliar overseas market enterprises build a payment system and establish a compliant and secure payment infrastructure.

Cui Jiaqi introduced, "the company has thousands of employees distributed in dozens of countries and regions around the world, and the core markets are basically operated directly by local teams. Both products and services are sufficiently localized and tailor-made to meet customers' actual needs. From a company management perspective, we have very few internal hierarchies, and the core point is 'results-oriented'. Usually, we analyze from the customer's perspective and figure out how to solve problems more efficiently and specifically. Flatness means openness and equality. The result is that in order to solve problems efficiently, everyone can directly find the relevant responsible person. There is no need for 'layer upon layer of reporting' like traditional enterprises."

Cui Jiaqi added, "If you think this is a very high priority issue that needs to be addressed urgently, you can even contact the CEO directly for communication and discussion."

Looking back on the development history of Nuvei, an unavoidable factor is the acquisition. Cui Jiaqi firmly believes that this is one of the important ways to enhance local competitiveness, such as in 2023, acquiring the US Paya Holdings for $1.3 billion; in 2019, acquiring SafeCharge for $889 million in all cash, expanding the location of offices to 14 countries and regions... Further integrate resources of upstream and downstream services. The purpose of acquisition is to provide better products and services and continuously improve customer experience.

Regarding the industry and the future development of Nuvei, Cui Jiaqi said that the prosperity of the international trade market will inevitably bring more diversified cross-border payment demands, and the competition among players in the market will become more intense, and supervision will also become stricter. "In the future, the entire payment track will become more crowded. Only by getting close to customers, understanding customers, and helping customers can we maintain long-term market competitiveness, which is also the unwavering development path of Nuvei."

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