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Canadian Nuvei Secures Israeli Acquiring License, Promising Cheaper Cross-Border Payments
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.
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What happened
- 01Nuvei obtained an Israeli acquiring license from the Israel Securities Authority.
- 02The license follows Nuvei's $2.75 billion agreement to acquire Israeli firm Payoneer.
- 03Clients like Shein, Temu, Lufthansa, and KLM will benefit from lower costs and local currency processing.
- 04Israeli consumers will use local cards, and fraud suspicion rates are expected to drop.
- 05Nuvei will integrate with the SHAVAL interbank clearing system.
- 06The company also plans to offer payment services to Israeli high-tech exporters.
Nuvei will connect to the SHAVAL clearing system and plans to serve Israeli tech exporters.
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