Canadian Nuvei Secures Israeli Acquiring License, Promising Cheaper Cross-Border Payments
Translated & summarized from NEWSru Israel by baba
Canadian fintech Nuvei received an Israeli acquiring license, following its $2.75 billion deal to buy Payoneer. The license allows Nuvei's clients, including Shein and Temu, to process payments in Israeli currency, reducing costs for consumers and businesses. Nuvei will connect to the SHAVAL clearing system and plans to serve Israeli tech exporters.
The story in 6 lines · by baba
- Nuvei obtained an Israeli acquiring license from the Israel Securities Authority.
- The license follows Nuvei's $2.75 billion agreement to acquire Israeli firm Payoneer.
- Clients like Shein, Temu, Lufthansa, and KLM will benefit from lower costs and local currency processing.
- Israeli consumers will use local cards, and fraud suspicion rates are expected to drop.
- Nuvei will integrate with the SHAVAL interbank clearing system.
- The company also plans to offer payment services to Israeli high-tech exporters.
Canadian fintech firm Nuvei has obtained an acquiring license in Israel from the Israel Securities Authority. This development follows Nuvei's June agreement to acquire Israeli company Payoneer for $2.75 billion. The new license will enable Nuvei's clients, including major retailers like Shein and Temu, and airlines such as Lufthansa and KLM, to operate in Israeli currency, thereby reducing transaction costs. Israeli consumers will benefit from paying with local credit cards instead of international ones, and the rate of suspected fraudulent transactions is expected to decrease. The license specifically covers acquiring services and does not permit card issuance, meaning Nuvei will not compete directly with credit card companies. Nuvei will integrate with the SHAVAL interbank clearing system, a requirement for all participants in the Israeli market. Beyond retail, Nuvei aims to serve Israeli high-tech companies, many of which, as exporters, require services for receiving international payments.
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